According to the Financial Times, Christopher Cox announced yesterday that the SEC is going to formalize a new rule to require all companies to report financial information in XBRL.
This is not surprising, especially considering the consistent messages we’ve been hearing from Cox regarding the benefits of interactive data (aka XBRL) it seemed just a matter of time until it was to be mandated. As of today there’s been no mentioned about when this rule will be put in place and it’s not formally listed on the SEC web site.
Cox said the formalizing of the rule was part of the SEC’s ‘war on complexity and said the new format would ‘enable investors to find what they need quickly and reliable, without having to pore through pages and pages of documents.’
XBRL and structured data will bring many benefits to the market and the only way this will happen is if it’s mandated by the SEC. We look forward to seeing this finalized as soon as possible.
Technorati Tags: SEC, XBRL, Disclosure, Corporate reporting, EDGAR, Q4 Web Systems, Q4, Christopher Cox, Investor Relations
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