SEC Votes to Finalize XBRL Filing Rules

The US Securities and Exchange Commission (SEC) has voted to adopt new rules that would require public companies to provide an XBRL version of their SEC filings. Under the new rules, the 500 largest US public companies and foreign private issuers listed with the SEC would be required to provide financial information using XBRL beginning June 15, 2009. Smaller companies, depending on their size and filing status, would begin reporting in XBRL in 2010 or 2011, with all public companies filing in XBRL within three years. (Read the online Journal of Accountancy article.)