SEC ready to mandate filing accounts in XBRL

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At an open meeting on Wednesday 14 May, the US Securities and Exchange Commission set out a staff recommendation that companies should submit their accounts electronically using XBRL, the eXtensible Business Reporting Language. John Stokdyk reports.

The SEC plan suggested a phased implementation beginning with companies turning over more than $5bn annual for financial periods beginning on or after 15 December 2008 and extending in successive years to other US and international filers who use US GAAP a year later. The next year companies reporting under International Financial Reporting Standards would also have to submit their quarterly and annual results to the SEC via XBRL, without the need for a separate reconciliation statement to US gap.

For their first year of filing, companie...

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15th May 2008 17:37

How is UK Companies House getting on with XBRL? I have heard that several software companies that produce statutory accounts are not happy with how UK Companies House are implementing XBRL. Is this correct, and what do you think?

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