The New York State Society of CPAs submitted comments to the Securities and Exchange Commission on the proposed requirement for filing financial statements in Extensible Business Reporting Language, saying it makes sense for the 500 largest companies to file in XBRL by the end of the year, but that smaller companies should not be held to any deadline just yet.
The SEC recently proposed that about 500 of the largest public companies with a worldwide float of over $5 billion should begin filing in the interactive data format for fiscal periods ending in late 2008 (see SEC Votes for Mandatory XBRL Filing).
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