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Sarbanes-Oxley News & Developments
Ready or Not, XBRL is ComingThe SEC and FASB are gearing up for XBRL, suggesting it is only a matter of time before its use becomes mandatory.
> > Testifying before the Senate Banking Committee Tuesday, SEC chairman Christopher Cox found it difficult to keep from straying onto his pet topic. "I am tempted to go off on a riff on all the benefits of interactive data," he said in answer to one question about mutual funds.
Cox refrained, but by then his testimony already had been peppered with plenty of plugs for interactive data. By that, Cox is referring to XBRL, the Internet-language method of tagging financial data that he believes would greatly improve transparency. Many of his public speeches have also heavily emphasized the ease with which public companies could be examined and compared if they all were to use XBRL.
Source: CFO
Published:2006-04-28
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