SEC to Mandate Adoption of XBRL Financial Reporting For Large Publicly Listed US Firms

The Securities and Exchange Commission (SEC) has issued rules requiring large publicly held US companies to adopt extensible business reporting language (XBRL) for their financial reporting by 15 December.

This follows the SEC Advisory Committee on Improvements to Financial Reporting’s report, released in February, which recommended that companies should use XBRL to tag their financial data. The mandate is expected to be phased in for additional publicly held companies once XBRL has become a standard way of making SEC reports.