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Data-Tagging: New Push for a Global Standard International rulemakers release a "nearly" final version of their XBRL tool, and many see it as a major step toward IFRS.

Marie Leone, CFO.com | US
January 12, 2009

SEC adopted XBRL rules on December 17, 2008

The SEC Commissioners voted 4-1 on December 17, 2008 to adopt the proposed XBRL rules discussed in your article. We are still waiting for the SEC to publish the rules; however your readers can view the remarks made during the Commission's open meeting at http://sec.gov/news/speech/2008/spch121708mwg.htm.

The first group of filers - large accelerated domestic and foreign companies using U.S. GAAP with a public float over $5 billion - are mandated to provide the Commission financial statements formatted in XBRL for filings after June 15, 2009 (as compared to the proposed rules requiring them to begin with filings after December 15, 2008). Many questions that were left unanswered during the Commission meeting are expected to be resolved once the SEC posts the final rules.

The SEC is expected to post them on its website within the next few weeks.

Posted by Mike schlanger | Jan 12, 2009 4:14 PM ET