SEC VOTES FOR MANDATORY XBRL FILINGWashington, D.C. — The Securities and Exchange Commission voted at an open meeting to propose that companies begin filing financial statements in an interactive tagged format as early as next year. The requirement for companies to begin filing in Extensible Business Reporting Language would initially apply to about 500 companies with a worldwide public float of over $5 billion. They would make financial disclosures in XBRL for fiscal periods ending in late 2008.
There would be three annual phases, as smaller companies are gradually required to begin filing in XBRL. In the second year, all other large domestic filers with a float of over $75 million would need to file. By the third year, all public companies that file in accordance with U.S. GAAP would be subject to the same interactive reporting requirements.
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