Posts Tagged ‘XBRL’

SEC to enforce XRBL standard in US

Friday, May 16th, 2008

At a recent meeting, the US Securities and Exchange Commission (SEC) has set out its recommendation that companies should submit their accounts electronically using XBRL, otherwise known as the eXtensible Business Reporting Language. 

A phased implementation is planned, 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 interesting thing is, will the UK follow suit?

Here, Companies House already accepts XBRL accounts data and HMRC is also interested in it for the submission of tax accounts.