Client Alert
SEC Proposes Rules Requiring XBRL Filing of Financial Statements
June 10, 2008
The SEC recently proposed rules that would require public companies to make financial disclosures using interactive data formatted in eXtensible Business Reporting Language (or "XBRL"). Under the proposed rules, filers would be required to include their financial statements formatted in XBRL as an exhibit to their currently required SEC reports. The XBRL requirements would be phased-in, beginning next year for the largest companies, and within three years for all public companies. Companies would also be required to post their financial statements in interactive data format on their corporate web sites on the same day they filed or were required to file the related filing with the SEC, whichever is earlier.
Click here to read our client alert regarding the SEC's XBRL proposals.
If you have any questions regarding the proposed rules, please contact either the Womble Carlyle attorney with whom you usually work or one of our Corporate and 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.
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