SEC Brings XBRL Class to a Laptop Near You

The Securities and Exchange Commission will conduct a public seminar on June 10, 2009, to help companies and preparers comply with new rules that require financial reports to be filed using interactive data (XBRL).

The seminar also will be web cast via the SEC Web site. It will cover the technology requirements for complying with the rules as well as provide an overview of the tools and information available from the SEC to help companies comply. The seminar will also cover frequently asked questions about the rules and technology requirements.

In adopting the final rule, the Commission noted that interactive data has the potential to:

• increase the speed of presenting information to stakeholders
• increase accuracy of financial information
• increase the usability of financial disclosure
• reduce costs (eventually)

This event will be held in the auditorium at the SEC’s headquarters at 100 F Street, N.E., in Washington, D.C. The seminar will be open to the public with seating on a first-come, first-served basis.

To ensure the seminar is responsive to the needs of companies and preparers, the Commission staff is seeking suggested questions and topics to be discussed at the seminar. Interested parties should email their questions to Ask-OID@sec.gov and include in the subject line “Public Education Seminar.”

XBRL and the End of Accounting

What’s XBRL? It’s the end of accounting. As we know it anyway. XBRL (eXtensible Business Reporting Language) is the emerging international electronic language for business and financial information. Over 450 corporations and government agencies have joined forces an international non-profit consortium to develop XBRL and promote its widespread use. Continue reading.

Image Credit: Pink Sherbet, Flickr