XBRL US Supports SEC's Unanimous Recommendation to Mandate XBRL

Securities and Exchange Commission (SEC) voted unanimously to propose mandating the use of XBRL (Extensible Business Reporting Language) for public company filings to the SEC's EDGAR database. Under the terms of the current proposal, companies using US GAAP with a worldwide public float over $5 billion will be required to submit their primary financial statements, footnotes and financial statement schedules in XBRL format for fiscal periods ending in late 2008. Accelerated filers will be required to comply with the new rules starting the following year and the remaining public companies would comply the year after that. Working with expert representatives from among its membership, XBRL US has developed an impact statement, available at http://xbrl.us/documents/rulingimpact.pdf that outlines the effect that broader use of XBRL for public company reporting will have on key corporate reporting supply chain representatives: public companies, investors and software companies. Wider use of XBRL is also expected to open up demand for ancillary products for business intelligence and more sophisticated analytics. XBRL US has been in contract with the SEC for the past year to build out the collection of financial and business reporting terms representing US GAAP required disclosures and common reporting practices (taxonomies) that public companies will use to create their own XBRL-formatted financial statements. Public company financial executives can find out more about how to get started creating XBRL-formatted financials, register for free educational webcast programs and get information on the breadth of tools and services available at http://www.xbrl.us