• "SEC Unanimously Votes to Propose Rule to Make Financial Disclosures Interactive"
  • June 26, 2008 | Authors: Johnathan C. Bolton; Sherrard L. Hayes
  • Law Firms: Fulbright & Jaworski L.L.P. - Houston Office ; Fulbright & Jaworski L.L.P. - Austin Office
  • On May 14, 2008, the U.S. Securities and Exchange Commission (the SEC) voted unanimously to formally propose a rule requiring U.S. issuers to make financial disclosures in an interactive data format. Interactive data is similar in function to bar codes: it is a set of identifying codes, or tags, assigned to financial information that can be retrieved and sorted using computer software. The proposed rule requires that the interactive data in company filings be formatted in eXtensible Business Reporting Language ("XBRL"), a language for the electronic communication of data developed by an international non-profit consortium of companies. Tags would be required to be assigned to primary financial statements, notes and financial statement schedules.