AICPA welcomes SEC proposed rule on use of XBRL in commission filings, encourages public companies to adopt XBRL.

• Position: Technology - American Institute of Certified Public Accountants; Securities Exchange Commission; Extensible Business Reporting Language - Brief Article

In response to recent actions by the Securities and Exchange Commission on XBRL-tagged data in commission filings (The CPA Letter, Sept.), the AICPA believes this is an ideal time for companies to embrace the XBRL (Extensible Business Reporting Language; www.xbrl.org) standard as an important step in helping to enhance and modernize financial reporting. The SEC is proposing that fliers to the EDGAR system tag individual facts and figures in their financial statements using XBRL in a voluntary filing program to begin in 2005 and is also seeking public comment on alternative reporting methods and the costs and benefits associated with XBRL-tagged data.

"XBRL benefits the entire business reporting value chain, including the companies that prepare financial reports, as well as the capital markets and investors who rely on and use this information. In addition, XBRL improves the timeliness of financial information and accuracy of data in SEC filings," said Barry Melancon, President and CEO of the...