The SEC met today at 10 am and recommended that companies file their financial statement information in interactive data format using XBRL.
The SEC recommended a three-year phase in for XBRL reporting that would start with the large accelerated fliers using GAAP who have a worldwide market cap of greater than $ 5 billion. This is estimated to be about 500 companies. The SEC anticipates that the final rule will be in effect this fall and will apply to filings made after Dec. 15, 2008. Both annual and quarterly filings and also information kept on corporate web sites will be affected.
In the 2nd year, all other accelerated filers will be required to use XBRL and in the 3rd year, all other companies will join the program. First time filers will have a 30 day grace period for filing.
The SEC also proposed requiring that a new exhibit with all footnotes tagged in interactive data be part of every company's filings.
The XBRL proposal of the SEC will be put out for public comment for a 60 day period.
A webcast of today's meeting should be available soon on the Commission's Open Meetings page.