The SEC announced its proposal to allow voluntary use of eXtensible Business Reporting Language (XBRL) tags, for certain EDGAR filings, starting with the 2004 season. They are seeking comments on the Proposed Rule, and issued a Concept Release titled "Enhancing Commission Filings Through the Use of Tagged Data"
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To quote from the SEC's Concept Release: "Data tagging uses standard definitions to translate text-based information, such as information contained in Commission filings, into files that can be retrieved, searched and analyzed through automated means. Data tags may enable investors and other market participants to more efficiently and effectively analyze data from different sources and automatically exchange financial information across various software platforms, including web services."
This SEC move may or may not address some of the challenges identified in a set of FAQs on XBRL from the perspective of corporate attorneys, posted by RR Donnelly at RealLawyer.com .
The XBRL initiative was launched in 1999 by the American Institute of Certified Public Accountants (AICPA) as a means to provide open-standard data language tools to allow automated retrieval and management of financial data among disparate data systems. XBRL is a member of the family of eXtensible Markup Language (XML) that is designed especially for the handling of financial information.
XBRL is supported by XBRL International, the organization, and its nation-specific elements, which has introductory information about XBRL on its website.
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Posted by dougsimpson at September 30, 2004 09:15 AM | TrackBack