Companies meet deadline to file financial data in new format

September 24, 2009

In January 2009, SEC finalized a rule requiring public companies to use extensible business reporting language, or XBRL, to submit financial information to the agency’s public financial reporting Web site, EDGAR.

During first phase of the three-year process included more than 425 public companies with a worldwide public common equity float in excess of $5 billion.

By 2011, between 10,000 and 12,000 companies are expected to submit statements in XBRL.