Securities and Exchange Commission Chairman Christopher Cox met with securities regulators from Australia, Canada, China, Israel, Japan and South Korea to discuss the timeline for the implementation of interactive data for financial reporting.
The SEC has been pushing for more public companies to file their financial statements with interactive data tags, in Extensible Business Reporting Language format. The XBRL format allows investors to compare financial statements more easily across companies and industry sectors. Recently a complete set of XBRL data tags for generally accepted accounting principles was produced (see SEC Pushes XBRL Tags for GAAP).
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