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SEC Offers Incentives for Using XBRL in Filings
Washington, DC, January 13, 2006 - SEC Chairman Christopher Cox recently announced that Commission staff will offer expedited reviews of registration statements and annual reports to companies that agree to file financial statements using eXtensible Business Reporting Language (XBRL).
In February 2005, the SEC adopted rule amendments establishing a voluntary program enabling registrants to file financial reports using XBRL, which allows users to extract, exchange, analyze, and display financial information. This program allows for the voluntary submission of XBRL documents as exhibits to periodic reports from corporate and investment company issuers.
Investment companies that agree to participate in the recently announced program will furnish financial data contained in their Investment Company Act reports in XBRL format for at least one year and provide feedback on their experiences, including the costs and benefits associated with reporting in the interactive data format. To encourage participation, the Commission staff will offer expedited reviews of registration statements under the Securities Act of 1933, including post-effective amendments that the staff has selected for review.
In a November 2004 comment letter, the Institute supported the SEC's decision to evaluate data tagging through a voluntary filer program.
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