SEC CIFR recommends a roadmap towards mandatory XBRL filing

SEC Advisory Committee on Improvements to Financial Reporting(CIFR) 是个很强大的团队，有美国财政部、证监会、会计准则等官方机构，也不乏有摩根斯坦利、德勤、穆迪等著名金融机构，当然也有微软等软件大的行业巨头。SEC这次真的要强制要求上市公司用XBRL来报告数据了。

Based on the above considerations, the Committee has developed the following proposal:
Developed Proposal 5.1: The SEC should mandate the filing of XBRL-tagged financial statements within a defined time frame after certain preconditions relating to successful taxonomy testing and capacity of reporting companies to file XBRL tagged financial statements using the new U.S. GAAP taxonomy on the SEC’s EDGAR system and for the EDGAR system to provide an accurate rendered version of all such tagged information. The SEC should phase-in XBRL tagged financial statements as follows:
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The largest 500 domestic public reporting companies based on unaffiliated market capitalization (public float) should be required to:
o Furnish to the SEC, as is the case with the voluntary program today, a document prepared separately from the reporting company’s financial statements filed as part of their periodic Exchange Act reports that contains the following:
o XBRL tagged face of the financial statements;29 and
o Block tagged footnotes to the financial statements;30
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Domestic large accelerated filers (as defined in SEC rules, which would include the initial 500 domestic public reporting companies) should be added to the category of companies, beginning one year after the start of the first phase, required to furnish XBRL tagged financial statements to the SEC; and
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Once the preconditions noted above have been satisfied and the second phase-in period has been implemented, the SEC should evaluate whether and when to move from furnishing to the official filing of XBRL tagged financial statements for the domestic large accelerated filers, as well as the inclusion of all other reporting companies, as part of a company’s Exchange Act periodic reports.