SEC demands XBRL reporting for US companies

The US Securities and Exchange Commission has approved its final rules requiring listed companies to submit their quarterly SEC filings accompanied by financial statements in XBRL format, reports AccountingWEB.com.

The proposal to adopt XBRL was tabled by SEC staff last May and was adopted by an open meeting of the commission just before Christmas.

Rather than having corporate information sitting around in a warehouse of paper forms, SEC chairman http://sec.gov/ne

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