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ARTICLE · 27 JUNE 2008

SEC Proposes New Rules That Would Mandate Use Of Interactive Data To Improve Financial Reporting

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The Securities and Exchange Commission has issued its proposing release on Interactive Data to Improve Financial Reporting. The proposed rules would require financial statement information to be filed in an interactive data format known as XBRL (short for extensible business reporting language), with the financial data "tagged" so that it is machine readable in a manner similar to bar codes.

United StatesFinance and Banking
Laura Richman
Laura Richman
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Originally published June 20, 2008

Keywords: SEC, mandate, interactive data, financial reporting, XBRL, financial data, tagged, U.S., IASCF, U.S. GAAP, IASB, Forms 10-K, 20-F

The Securities and Exchange Commission has issued its proposing release on Interactive Data to Improve Financial Reporting. See Release Nos. 33-8924; 34-57896, http://www.sec.gov/rules/proposed/2008/33-8924.pdf. The proposed rules would require financial statement information to be filed in an interactive data format known as XBRL (short for extensible business reporting language), with the financial data "tagged" so that it is machine readable in a manner similar to bar codes. By individually labeling each number, this format allows for financial statement items to be searched on the Internet, downloaded into spreadsheets, reorganized in databases and otherwise used in analytical software. Comments on the proposed rules are due

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