Within the next month or two, the SEC will finalize rules that mandate XBRL-based submissions for collecting financial reporting information for all domestic and foreign SEC reporting companies. For those of you wondering, XBRL stands for Extensible Business Reporting Language. Proponents of XBRL believe it will allow for more accurate, relevant and scalable analysis of financial information, as well as create greater transparency that can result in a lower cost of capital. To read more about the SEC’s phase-in plan, click here to access Bowne & Co’s plain English summary.
– PondelWilkinson, email@example.com