SEC to Propose XBRL Mandate
"The Securities and Exchange Commission voted May 14 to formally propose requiring U.S. public companies to file their financial reports using Extensible Business Reporting Language. XBRL tags uniquely identify individual items in a company's financial statement. Formatting financial documents with XBRL allow the data to be easily searched on the Internet, downloaded into spreadsheets, reorganized in databases and put to any number of other comparative and analytical uses. An international nonprofit consortium of approximately 450 major companies, organizations and government agencies is developing the open-source, royalty-free language."
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