Excellent post about the recent SEC approval of XBRL at the Hitachi XBRL Business Unit blog…
Written by Bob Schneider Posted on December 24, 2008
“I think this decision today is much bigger than most people realise” wrote John Turner on CoreFiling’s Insight blog. Many reveled with Gary Purnhagen (“We will all be better for it”), while others commiserated with Dan Roberts (“It is sad to see such a missed opportunity”). But everyone seems to agree that the SEC’s 4-1 vote last Wednesday to mandate XBRL for financial reporting marks a major milestone for interactive data.
Here’s what Mark Green, Senior Special Counsel (Regulatory Policy) said in his opening remarks:
The face of the financial statements would be tagged in each filer’s first year of interactive data reporting. The financial statement footnotes and financial statement schedules also would be tagged in each filer’s first year, but in block text only. After the first year of such tagging, a filer also would be required to tag the detailed disclosures within the footnotes and schedules. In a change from the proposal, tagging of narrative disclosures would be permitted but not required.
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