Jenner & Block

Client Advisory: SEC Proposes New Rules Mandating XBRL-Format Filings

In this Client Advisory, Partners William L. Tolbert and Elaine Wolff, and Associate Joseph D. Kline discuss the SEC's proposed new rules requiring all public companies to file versions of their financial disclosures with the SEC in an interactive data format called eXtensible Business Reporting Language (“XBRL”), as well as post the same disclosures in XBRL format on their corporate website.  If adopted, the rules provide that the largest public companies would have to begin filing their financial disclosures in XBRL format in 2009, with all public companies being required to follow suit by 2011. On May 21, 2008, the SEC proposed rules that would require mutual funds to provide their registration statement filings in XBRL format beginning with such filings that become effective after Dec. 31, 2009.