SEC Gets Behind XBRL

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SEC Gets Behind XBRL

June 29, 2006 12:00 PM
From BusinessFinanceLink, Issue #334

Although it has taken at least five years to gain acceptance, the SEC is now pushing for companies to start reporting their financial data in an interactive format -- called eXtensible Business Reporting Language (XBRL) -- in a big way. "There's no question eventually financial reporting going to the SEC will all take place in this way," says Chairman Christopher Cox. "That probably will be more the result of the inevitable migration to interactive data in the marketplace than it will be the result of government mandate." Last week, some heavy hitters -- United Technologies, Microsoft, Ford Motor, PepsiCo and XM Satellite Radio -- joined the SEC's XBRL test.