SEC to assess benefits of XBRL.

PositionNational

The SEC announced it will seek public comment on the costs and benefits associated with tagged data in financial report filings. In addition, the SEC will consider a staff proposal to accept voluntary supplemental filings of financial data using extensible Business Reporting Language (XBRL).

This initiative is aimed at determining:

* The benefits of tagging to reporting quality and efficiency.

* The implications of tagging data for filers, investors, the Commission, and other market participants.

* The compatibility of existing tag definitions with current disclosure requirements.

"Streamlining the financial information supply chain through XBRL gives CPA firms a competitive edge, enhances their relationships with clients, generates increased revenue, and positions them as premier knowledge professionals," according to a...

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