SEC Eyes Computer-Coded Filing Requirements

Law360, New York (May 14, 2008, 12:00 AM EDT) -- All public companies would have to report their financial data to the U.S. Securities and Exchange Commission using computer tags similar in function to a bar code under a rule proposed by the agency Wednesday.

If the rule becomes final, companies will have to file their financial results using interactive data formatted in extensible business reporting language, or XBRL.

The SEC says the technology will make it easier for investors and journalists to find financial results on the Internet and more cost-effective for companies to disclose...
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