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ARTICLE · 25 FEBRUARY 2009

SEC Adopts Mandatory Use of Interactive Data for Financial Reporting

Mayer Brown
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The US Securities and Exchange Commission (SEC) has published its final rules on “Interactive Data to Improve Financial Reporting,” available at http://www.sec.gov/rules/final/2009/33-9002.pdf (the “Final Release”).

United StatesCorporate/Commercial Law
Laura Richman
Laura Richman
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Originally published February 24, 2009

Keywords: SEC, interactive data, improve financial reporting, eXtensible Business Reporting Language, XBRL, finacial information, financial statements, GAAP, regulation references, IFRS, IASB, IASCF, non-standard financial statement

The US Securities and Exchange Commission (SEC) has published its final rules on "Interactive Data to Improve Financial Reporting," available at http://www.sec.gov/rules/final/2009/33-9002.pdf (the "Final Release"). These rules require companies to provide their financial statements in interactive data format using the eXtensible Business Reporting Language (XBRL) in specified filings with the SEC, as well as on their corporate web sites. This mandatory rule will be phased in over three years.

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