It’s all XBRL, all of the time. Another announcement from the SEC this week, as well as encouragement for European interactive data, this time from the European Parliament.
As expected, the SEC is proposing that all mutual funds in the US provide a range of information, covering investment objectives, investment strategies, risks, historical performance and costs, starting with registration statements, in XBRL format from 1 January 2010. Once again, the Commission is proposing that all such filings are simultaneously posted to fund web sites.
Full details will be posted on the SEC web site soon. For the moment, read the press release here.
The European Parliament, acting at this stage in committee, has voted on a range of measures related to the simplification of company law, accounting and auditing. Experienced euro-tea-leaf readers assure me of the significance of this passage in the motion that was passed on Wednesday, and let’s face it, it has something for everyone:
Stresses that auditing of accounts and disclosure requirements for publicly traded companies are vital to the sound functioning of the internal market, and that new technologies such as electronic reporting formats (e.g. XBRL) should make it possible to meet disclosure requirements economically, efficiently and swiftly; welcomes, with a view to the simplification of the First and Eleventh Company Law Directives, the aim of reducing disclosure requirements; however, underlines that, as with other simplification measures, disclosure requirements should be reviewed on a case-by-case basis by means of concrete, individual simplification measures based on thorough impact assessments; suggests that exemptions for SMEs and micro-entities should focus on reducing administrative burdens and costs, but should not jeopardise justifiable information needs;
Followed by this one:
Agrees that it should be made easier for companies to register and to prepare, file and
publish statutory information; recommends that the preparation, filing and publication of
statutory information should be effected electronically by way of an interoperable
Business Register; strongly promotes the use of new technology such as XBRL;
emphasises that such information should be easily accessible for investors, creditors,
employees and public authorities throughout the European Union;
You can get all the details here..