SEC ENCOURAGES PARTICIPATION IN ITS XBRL VOLUNTARY PROGRAM
FOR IMMEDIATE RELEASE
Washington, D.C., April 26, 2005 -- The U.S. Securities and Exchange Commission earlier this month commenced its voluntary program for receiving financial information on EDGAR using eXtensible Business Reporting Language (XBRL). Registrants may now voluntarily furnish XBRL data in an exhibit to specified EDGAR filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. Several filers have already submitted XBRL data under the program, and the SEC encourages additional filers to participate.
SEC Chairman William H. Donaldson said: "There is an escalating demand for efficient and transparent reporting of results by companies using innovative technologies. We are continually seeking ways to fulfill our regulatory responsibilities, while providing benefits to everyone who uses the SEC's public disclosure process. Tagged data will improve the quality of information and the speed of its availability to investors and the marketplace."
In connection with the launch of the voluntary program, Peter Derby, Managing Executive for Operations & Management in the Office of the Chairman of the Commission, spoke today at the 11th XBRL International Conference in Boston, "Better, Faster, Smarter Business Reporting Using XBRL." Mr. Derby discussed the increasing demands to seek out and adopt technologies that assist in protecting investors and the securities market, and encouraged participation in the SEC's Voluntary Program to further assess XBRL and tagged data.
Alan Beller, Director of the Division of Corporation Finance, added, "XBRL offers opportunities for all participants in the financial information supply chain. Registrants would benefit from improved transparency of their filings, resulting in broader analyst coverage and more market exposure. Regulators and investors would benefit from ready access to tagged financial data for analytical and review purposes. Increased participation in the voluntary program would help us to assess these potential benefits."
Don Nicolaisen, the Commission's Chief Accountant, said, "Companies are looking for efficient solutions to manage their complex reporting requirements and make better use of information internally to manage their business. By participating in the voluntary program, filers may be able to assess whether XBRL can streamline the flow of information through their organization and reduce the risk of errors in the process."
Susan Nash, Associate Director in the Division of Investment Management, said, "We encourage mutual funds and other investment companies to participate in the voluntary program. Tagged data has the potential to make fund financial information more accessible and useful to investors and their financial advisers."
The full text of the voluntary program release can be accessed on the Commission's website at http://www.sec.gov/spotlight/xbrl.htm.
# # #
Matthew Well, Director
SEC Office of Public Affairs