At a meeting today, the SEC voted unanimously to propose a rule requiring all US companies to begin using interactive data, or XBRL. The 500 largest companies would begin in early 2009, and all other companies would begin within the next three years.

 

Currently, companies can submit test filings using tags issued on February 11. However, companies will have to use the data tags issued April 28, 2008. EDGAR will not accept test filings using the April 28 tags until June. The SEC plans on creating an interim system to allow testing sooner that June.

 

In addition to filing their financial data in XBRL, companies will also have to post this information on their websites.

 

The SEC has had a voluntary interactive data program since 2005. It also has a free interactive data viewer for the public.

 

Please note that the SEC will be hosting an open meeting at 10:00 ET on Wednesday, May 21, 2008 to discuss whether to propose amendments to require risk/return summary information to be filed in XBRL.

 

AFPI will keep you posted as new information arises.

 

To read the press release or watch Chairman Cox's remarks, please visit
http://www.sec.gov/news/press/2008/2008-85.htm.

 

As of this writing, the proposed rule is not available. It will be posted on
http://www.sec.gov/rules/proposed.shtml.

 

To learn more about XBRL or to see the interactive data viewer, please visit
http://www.sec.gov/spotlight/xbrl.shtml.

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