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Friday, January 20, 2006

SEC offers incentives for corporate XBRL filing

"The Securities and Exchange Commission will offer public companies expedited reviews of their registration statements and annual reports if they volunteer for a test group as part of the SEC's interactive data initiative.

Under the initiative, companies voluntarily submit financial data to the SEC using Extensible Business Reporting Language, a computer language that makes financial data interactive. XBRL also standardizes data so regulators can make comparisons when analyzing corporate information.

The SEC expects efficiencies in reviewing the filings prepared in XBRL and wants to encourage participation in the test group set to start in February. Corporations have been slow to adopt XBRL to date. "

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