Securities and Exchange Commission Chairman Christopher Cox said that data tags had been developed for the entire system of U.S. generally accepted accounting principles, advancing the use of the Extensible Business Reporting Language for automating financial reporting information.

"Today we're announcing a major step that will help every U.S. public company and investor," said Cox at a news conference, commending the efforts of the XBRL US project team, which translated GAAP into the XBRL data tags. He received a tiny memory card that holds the entire GAAP taxonomy from Mark Bolgiano, CEO of XBRL US.

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