SEC Adopts Final Rules Mandating the Use of XBRL for Securities Act and Exchange Act Filings
On January 30, 2009, the SEC published final rules requiring public companies, including foreign private issuers, to file their financial statements with the SEC in interactive data format using eXtensible Business Reporting Language, or XBRL. Then new requirement is intended to allow investors and analysts to download and analyze financial data with greater ease. The final rules defer the proposed implementation of the requirement so that large accelerated filers that use US GAAP and have a worldwide public common equity float above US $5 billion will be required to begin filing using XBRL for reports covering fiscal periods ending on or after June 15, 2009 (instead of December 15, 2008, as previously proposed). Similar reporting requirements for other large accelerated filers and all other filers will begin in the subsequent two years for fiscal periods ending on or after June 15, 2010 and June 15, 2011, respectively. For domestic issuers, the first required filing under the new rules will always be a Form 10-Q. Please read on for details of the new rules and differences from the proposed rules.
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