On Friday, May 29, staff in the SEC's Office of Interactive Disclosure posted a set of Frequently Asked Questions Regarding the Interactive Data Program. The FAQs relate to SEC's Final rule published Jan. 30, 2009, approved at the SEC's Dec. 18, 2008 open commission meeting, which will require public companies to begin filing financial statements and certain other data in an interactive format - specifically eXtensible Business Reporting Language or XBRL, beginning this year (phased in over a three year period based on company size.)
Also on May 29, staff in SEC's Division of Corporation Finance posted some new and updated Compliance and Disclosure Interpretations or C&DI's - some relating to XBRL, and some relating to other areas including Executive Compensation and more. The C&DI's were described by Broc Romanek in TheCorporateCounsel.net blog earlier today.
June 10 Public Seminar
Publication of the XBRL FAQs and C&DI's comes in advance of the SEC's upcoming seminar on interactive data, slated for June 10. As described in SEC's May 18 press release, the seminar is being conducted to help companies and preparers comply with the new XBRL requirements, and will be held at the SEC's Washington, DC headquarters. The seminar will be open to the public; it will also be webcast. As noted in the May 18 press release, the SEC also invites questions to be submitted in advance of the seminar -see the press release for details.
SEC, In Settlement With Caseware, Agrees Not to Use "IDEA"
In other news, Michael Cohn of WebCPA broke the news last week that the SEC will not use the name IDEA for its interactive data retrieval program.
Read more details on the above topics here.
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Gail Perry, CPA