SEC announces number of companies in XBRL pilot grows to 20

SEC announces number of companies in XBRL pilot grows to 20

May 23, 2006

The US Securities and Exchange Commission said the number of companies participating in a new programme to test the use of XBRL for financial reporting had grown by a further three to 20, compared with nine under an initiative last year. The programme will help explore how XBRL can improve the financial reporting process. The SEC announcement said XBRL holds the promise of transforming static, text-only financial documents into dynamic reports that can be quickly and easily accessed and analysed by millions of users.