|  | | 2008 News and Press Releases | | |
HEADLINE NEWS:
SEC Releases Final Rules Mandating XBRL
Staff Writer
AccountingWEB-http://www.accountingweb.com . December 18, 2008
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EXCERPT:The U.S. Securities and Exchange Commission has approved final rules which require companies to submit Financial Statements in XBRL format with their SEC filings. The American Institute of Certified Public Accountants supports the use of XBRL in Financial Statement reporting and believes that tagged data will provide investors and other users of financial information easier access to more transparent data in company reports. […] The new rules will require companies to provide financial information using interactive data beginning with their quarterly June 2009 filings for the largest companies, and within three years for all public companies, according to the SEC. The details of these rules are expected to be published in the Federal Register over the next few weeks. The AICPA is ready to assist members to help understand the requirements under this mandate and prepare for the use of XBRL. A Webcast to explain the detailed requirements of the Rules will be held January 12th. This Webcast: XBRL - Transforming Financial Reporting will include a panel of experienced CPAs and SEC staff discussing the SEC requirements and lessons learned from the SEC XBRL Voluntary Program, as well as tips for implementing XBRL and creating XBRL documents. The AICPA has summarized the Key Terms released in the SEC statement below: XBRL data will be required, as an exhibit, with a company's annual and quarterly reports, transition reports, and Securities Act registration statements. The tagged disclosures include companies' primary financial statements (including balance sheet, income statement, statement of comprehensive income, statement of cash flows and statement of owners equity), footnote disclosures, and financial statement schedules. Three year phase-in schedule beginning with fiscal periods ending on or after June 15, 2009:
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