SEC Requires Companies To Use XBRL

On January 30, 2009, the U.S. Securities and Exchange Commission adopted rules requiring companies to provide their financial statements to the SEC and on their websites in an interactive data format using eXtensible Business Reporting Language (XBRL).

The new rules apply to public companies and foreign private issuers that prepare their financial statements in accordance with U.S. GAAP, and foreign private issuers that prepare their financial statements using IFRS. The new rules do not currently apply to Canadian or other foreign companies that prepare their financial statements using Canadian or other non-U.S. GAAP and reconcile them to U.S. GAAP.

The new rules will be phased in over a three-year period, starting with the periodic reports on Form 10-Q, 20-F or 40-F of domestic and foreign large accelerated filers that use U.S. GAAP.