SEC calls for early XBRL adopters—and comments

California CPA, Nov, 2004

To assess the benefits of "tagged data," the SEC is establishing a voluntary program to allow early adopters of the technology to file supplemental financial information using XBRL, or Extensible Business Reporting Language.

Participants would furnish XBRL data in an exhibit to specified EDGAR filings. The program would begin with the 2004 calendar year-end reporting season.

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Additionally, the SEC is seeking public comment on some of XBRL's fundamental issues, including the benefits of tagging data to improve reporting quality and efficiency; the implications of tagging data for filers, investors, the SEC and other market participants; and the efficacy of XBRL as a format for reporting financial information.

Comments are due by Nov. 15.

For more, visit www.sec.gov/news/press/2004-138.htm.>

COPYRIGHT 2004 California Society of Certified Public Accountants

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