COX SAYS XBRL FINANCIAL FILING IMMINENT Companies will have to file their financial statements with the SEC using eXtensible Business Reporting Language (XBRL) in just "a matter of months," SEC chairman Christopher Cox says, adding that the XBRL taxonomies are completely finished for financial statement purposes for International Financial Reporting Standards, and by summer will be finished for all industries for U.S. GAAP, so that then it will be possible for all filers to voluntarily file using XBRL for their financial statements.
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U.K. WELCOMES SMB REPORTING STANDARD
The Accounting Standards Board (ASB) has "welcomed" the publication by the IASB of an Exposure Draft on an International Financial Reporting Standard for small and midsize entities. The IASB plans to develop an IFRS to meet the needs of such entities globally. Such standards have met resistance in the U.S., but ASB chair Ian Mackintosh points out, "We will be carefully considering the proposals, and seeking to engage constituents in the U.K. and Ireland on them. We will be considering the implications of the proposals for the future direction of reporting requirements for U.K. companies." The IASB has asked for comments on the draft by October, 2007.