Client Alert
SEC Adopts Final Rules Requiring XBRL Filing of Financial Statements
February 11, 2009
The SEC recently adopted new rules that will require public companies to include their financial statements formatted in eXtensible Business Reporting Language (or "XBRL") as an exhibit to SEC reports and to post their financial statements in interactive data format on their corporate web sites. The XBRL requirements will be phased-in, beginning later this year for the largest public companies, and within three years for all public companies. Public companies that have not done so should begin the process now of establishing procedures to enable them to comply with the new XBRL requirements.
Click here to read our client alert regarding the new XBRL rules.
If you have any questions regarding these rules, contact either the Womble Carlyle attorney with whom you usually work or one of our Corporate and Securities attorneys listed on the following webpage: WCSR Corporate & Securities Attorneys.
Womble Carlyle client alerts are intended to provide general information about significant legal developments and should not be construed as legal advice on any specific facts and circumstances, nor should they be construed as advertisements for legal services.
IRS CIRCULAR 230 NOTICE: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice within this client alert is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in a client alert.
