The Securities and Exchange Commission has begun sending letters to public companies that fail to file their financials with all the necessary data using Extensible Business Reporting Language technology.
The SEC began requiring the largest public companies to file their financial statements using XBRL in 2009 and phased in the requirements for smaller issuers over the next two years. XBRL technology uses a data-tagging format that is supposed to make it easier for investors and analysts to compare financial information across companies and industries. Problems with the technology and the inconsistency of the tags used by companies have limited XBRL’s usefulness to many investors, however.
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