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SEC mandates XBRL for financial statements
AFTER several years of evangelizing it at every opportunity, US Securities and Exchange Commission (SEC) chairman Christopher Cox yesterday finally sealed what he hopes will be his legacy.
The commission voted 4 to 1 to approve rules that will require all registered companies to use eXtensible Business Reporting Language (XBRL) when submitting their financial statements to [...]
SEC calls meeting for final XBRL rule
THE US Securities and Exchange Commission (SEC) will meet on December 17 to decide whether to make eXtensible Business Reporting Language (XBRL) mandatory for public company financial statement information.
The move has been widely anticipated following the publication of a rule proposal in May. It was thought by some in the XBRL community that the meeting [...]
Software firm "dumbfounded" by SEC's use of its IDEA trademark
UPDATE: SEC spokesman John Heine sent me three emails in response to this article along with additional materials related to the SEC’s own trademark application. A US Patent and Trademark Office document (PDF 228 KB, 12 pages) forwarded to me by Heine says: “The Office records have been searched and there are no similar registered [...]
Evaluating NIRI's IR website guidelines 2
IN PART one of this review, I mentioned that the US National Investor Relations Institute’s (NIRI’s) executive alert on investor relations websites includes a list of 14 Do’s and Don’ts for IR departments to follow. In this post, I review each of the guidelines and explain why I think they’re either good or bad.
The Good [...]
Evaluating NIRI's Do's and Don'ts for IR websites
THE US National Investor Relations Institute (NIRI) has issued a 5-page briefing on investor relations website practices based on a review they did of the largest 100 US companies’ sites.
On one level I can’t help but applaud the guidelines because they are long overdue. Investor relations websites have been around for more than 10 years, [...]
Ex-SEC leaders challenge Cox's interactive data initiative
TWO influential US Securities and Exchange Commission (SEC) alumni have raised concerns that broadening the use of eXtensible Business Reporting Language (XBRL) to non-financial information will increase disclosure costs, raise difficult legal liability issues, and create burdens on companies that are “formidable in the extreme.”
Former SEC commissioner and Stanford Law School professor Joseph Grundfest, and [...]
As XBRL mandate looms, SEC seeks urgent help with software
AS THE US Securities and Exchange Commission (SEC) considers new rules to require companies to begin filing their documents in eXtensible Business Reporting Language (XBRL), it has been having trouble finding software experts who can help make those filings usable to investors.
The commission put out a pressing call in June for contractors to help it [...]
SEC unveils IDEA — and that's all it is for now
I’VE BEEN following the Securities and Exchange Commission’s (SEC) moves around eXtensible Business Reporting Language (XBRL) for the past few years and I’m confused about why they chose now to announce that they will be launching a new database to host XBRL for companies and mutual funds.
The only real news at the conference, which I [...]
Cox to announce IDEA will replace EDGAR
YESTERDAY afternoon, a number of bloggers got an email inviting them to a press conference webcast today with US Securities and Exchange Commission (SEC) Chairman Chris Cox where he is supposed to unveil a “futuristic information disclosure system for investors and markets.”
No further details on this new system were provided, but at least one bit [...]
SEC's new guidance for websites and blogs posted
THE US Securities and Exchange Commission (SEC) has published its 47-page interpretive release that explains how companies can use their websites and blogs to meet its requirements for public disclosure under Regulation FD.
Here’s a Scribd version of the complete release, which can also be downloaded in PDF from the SEC’s website. See my initial comments [...]
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