Securities Update: SEC Proposes New Rules That Would Mandate Use of Interactive Data to Improve Financial Reporting
20 June 2008
Mayer Brown Article
20 June 2008 - The Securities and Exchange Commission has issued its proposing release on Interactive Data to Improve Financial Reporting. The proposed rules would require financial statement information to be filed in an interactive data format known as XBRL (short for extensible business reporting language), with the financial data "tagged"so that it is machine readable in a manner similar to bar codes.