XBRL mandate approved by the SEC

It has just been announced, at the culmination of the SEC roundtable on December 17th 2008, that the proposal for XBRL filing has been accepted (carried by 4 votes to 1) as well as for mutual fund reporting.

We are awaiting a press release, but it seems some minor changes to the May 2008 proposal will include the mandate timeframe being extended to companies reporting at the end of June, 2009.

The commissioners were unanimous on the benefits of the technologies, although question were raised about the timing of the adoption (during a crisis) and protection of investors should the information furnished lack proper controls.

Posted by Derek Abdinor on Dec 17 2008. Filed under General. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry