The Securities and Exchange Commission is expected to announced a proposed rule Wednesday mandating the filing of SEC reports in Extensible Business Reporting Language format.
The rule mandating XBRL filing is expected to apply to large-cap filers, including Fortune 1000 companies. More than 75 companies have already joined the SEC’s voluntary filing program, including Ford, General Electric, IBM, Pepsi, United Technologies and Xerox.
“This move will not only make it easier for the SEC to handle the thousands of reports it receives annually, but it will also make it easier for companies to file their 10-Qs and 10-Ks and allow them more flexibility in their reporting,” said UBmatrix CEO Sunir Kapoor, an XBRL US board member. “For investors and financial analysts, the action will result in more accurate and robust information on public companies. It really is a revolution in the way information will be reported and consumed.”
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