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SEC Director Hails eXtensible Business Reporting Language (xBRL)

John W. White, Director of the SEC’s Division of Corporation Finance spoke about the SEC’s push for interactive data, eXtensible Business Reporting Language or xBRL.  Chairman Christopher Cox and the SEC have made interactive data, which allows “tagging” data that can be used interactively, a significant project.  Mr. White spoke about the power of xBRL, including:

 Nearly three years ago, the SEC announced that it would study and test the feasibility of, and potential for, using tagged data in company filings.1 Since then, the SEC and private industry have made great strides in encouraging public companies, mutual funds, and private entities to explore and promote the use of interactive data in filings with the SEC

 Finally, let me say that there is no reason for companies to delay tagging their data. The interactive data initiative is one of Chairman Cox’s key priorities. There is an ever-expanding group of volunteers that submit their annual and quarterly reports to the SEC using tagged data.

As the global support and development of XBRL increases, I expect that investors, analysts, and the markets will strongly encourage public companies to use interactive data or XBRL when presenting their disclosures, even those beyond the financial statements.

Update: Here is a related presentation slide given by Mr. White. 

SEC Commissioner Roel C. Campos also spoke at the same conference.

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Filed under: REAL WORLD

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