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SEC evaluates accepting filings using XBRL tagged data.

In a major milestone for the five-year old Extensible Business Reporting Language initiative, the Securities and Exchange Commission recently announced it will consider a staff proposal to accept voluntary supplemental filings of financial data using XBRL (www.xbrl.org) and also will seek public comment on alternative methods and the costs and benefits associated with tagged data. The SEC's complete announcement is available from www.sec.gov/news/press/2004-97.htm. XBRL-US, representing the United States as part of XBRL International, issued a press release following the SEC announcement in which important members o the information value chain, including the Financial Accounting Standards Board, Microsoft, Financial Executives International, the AICPA and EDGAR Online, discussed the positive impact of the SEC action on companies and investors. The XBRL-US release can be found at www.xbrl.org.

The AICPA developed XBRL through the establishment of a non-profit international consortium of approximately 250 major companies, organizations and government agencies with members draw from the accounting, technology, securities and government sectors. As a founding member, the Institute currently is serving as host of XBRL-US. XBRL is an open standard, free of license fees.

The SEC announcement is one of a series of XBRL initiative which are being put in place by financial regulators around the work including the Inland Revenue and Financial Services Authority in the United Kingdom; Japan's National Tax Agency and Financial Services Authority; the Bank of Spain; Dutch Tax Authority; and the US Federal Financial Industry Examinations Council, which includes the Federal Deposit Insurance Corporation, Federal Reserve Board, Office of Thrift Supervision, National Credit Union Administration and the Office of Comptroller of the Currency.

European Commission to Fund Development Adoption of XBRL

The European Commission has pledged One million Euros to accelerate development and adoption of XBRL, in the European Union, The grant recipient, a new organization called XBRL in Europe, is dedicated to increasing awareness of XBRL in the EU and assisting member countries in starting local jurisdictions.

"The European Commission's grant is an important step in increasing the adoption of XBRL throughout the continent and making financial statements clearer and more accessible for investors; said Louis Matherne Director--XBRL for the AICPA and President of XBRL International. XBRL in Europe is intended to be a two-year project, For more information. contact Olivier Servais. Permanent Secretary, at olivier.servais@xbrl.eu.org.
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Title Annotation:Securities and Exchange Commission's Extensible Business Reporting Language initiative
Publication:CPA Letter
Geographic Code:1USA
Date:Sep 1, 2004
Words:391
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