Yesterday the SEC voted unanimously to propose a rule requiring mutual funds to begin using XBRL in their EDGAR filings. The proposal would require filings with the interactive data tags beginning with registration statement filings that become effective after Dec. 31, 2009.

 

Mutual funds have been able to submit XBRL filings voluntarily. With these filings, the SEC created a free mutual fund reader for the public. As a result of XBRL filings, the public can easily compare fees or performance across funds.

 

The proposed rule has not been posted yet, but comments to the proposal are due August 1.

 

To read the press release or watch Chairman Cox's remarks, please visit
http://www.sec.gov/news/press/2008/2008-94.htm.

 

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

 

To use the SEC's Mutual Fund Reader, please visit http://a.viewerprototype1.com/viewer.

 

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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