September 28, 2004
The SEC Moves Reporting and Transparency Forward
We applaud the SEC for opening the discussion around making Financial Reporting information tagged and more easily accessible as data. This takes an important step forward with increases in disclosure and transparency and now attempts to make the volume of information easier to analyze and increases its value in general.
See the excerpt from the SEC notice here:
"SEC Proposes Rule to Establish Voluntary Program for Reporting Financial Information on Edgar Using XBRL
Commission Also Solicits Comments on Benefits of Tagged Data and XBRL
FOR IMMEDIATE RELEASE2004-138
Washington, D.C., Sept, 27, 2004 - As part of its initiative to assess the benefits of tagged data and its potential for improving the timeliness, accuracy and analysis of financial disclosure in Commission filings, the Securities and Exchange Commission issued a proposing release today to establish a voluntary program allowing registrants to file supplemental financial information using eXtensible Business Reporting Language (XBRL). Registrants would be able to voluntarily furnish XBRL data in an exhibit to specified EDGAR filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. This program would begin with the 2004 calendar year-end reporting season. The proposal will be open for public comment for a 30 day period following its publication in the Federal Register."
For the complete proposed rule, see: http://www.sec.gov/rules/proposed/33-8496.htm
To see how Issues Central Sarbanes-Oxley Compliance Playbook(tm) can help streamline your required reporting, check out www.issuescentral.com
See the excerpt from the SEC notice here:
"SEC Proposes Rule to Establish Voluntary Program for Reporting Financial Information on Edgar Using XBRL
Commission Also Solicits Comments on Benefits of Tagged Data and XBRL
FOR IMMEDIATE RELEASE2004-138
Washington, D.C., Sept, 27, 2004 - As part of its initiative to assess the benefits of tagged data and its potential for improving the timeliness, accuracy and analysis of financial disclosure in Commission filings, the Securities and Exchange Commission issued a proposing release today to establish a voluntary program allowing registrants to file supplemental financial information using eXtensible Business Reporting Language (XBRL). Registrants would be able to voluntarily furnish XBRL data in an exhibit to specified EDGAR filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. This program would begin with the 2004 calendar year-end reporting season. The proposal will be open for public comment for a 30 day period following its publication in the Federal Register."
For the complete proposed rule, see: http://www.sec.gov/rules/proposed/33-8496.htm
To see how Issues Central Sarbanes-Oxley Compliance Playbook(tm) can help streamline your required reporting, check out www.issuescentral.com
