The Securities and Exchange Commission has made it clear through its recently proposed rules that XBRL, or the Extensible Business Reporting Language, will be mandatory for all filers beginning in 2009.The SEC's rules will kick in for about 500 of the largest filers (those defined as having a public float of $5 billion) when they report for years ending after Dec. 15, 2008. In the second year, all other large domestic filers with a float of over $75 million would need to file. By 2011, all public companies that file in accordance with U.S. GAAP would be subject to the same reporting requirements.
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