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SEC considers use of XBRL in securities filings.

In July, five years after the Institute's board of directors began funding development of an XML-based financial reporting language that became XBRL, the SEC said it would seek public comment on the benefits of using tagged data to improve the timeliness and accuracy of financial disclosure and facilitate analysis of securities filings (www.sec.gov/news/press/2004-97.htm). The SEC is considering proposing a rule this fall that would allow public companies to voluntarily file supplemental financial data in XBRL format beginning with 2004 calendar-year-end reports. Meanwhile the European Commission has pledged one million euros to accelerate the development and adoption of XBRL in the European Union (www.xbrl.org/Press%20Releases/2004/XiE-24-June-2004.pdf).
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Title Annotation:Highlights
Publication:Journal of Accountancy
Date:Sep 1, 2004
Words:116
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