SEC extends XBRL reporting test deadline

Source: Securities and Exchange Commission

The staff of the U.S. Securities and Exchange Commission today announced that the deadline for companies to join the Commission’s interactive data test group has been extended until March 10, 2006, in response to requests for more time from potential participants.

Since it was first announced January 11, several companies have already signed up to participate in the test group. The extension responds to numerous requests from the filing community for additional time for filers and service providers to investigate and prepare for participation. The four-week extension also recognizes the demands of year end reporting requirements.

Under the test program, Commission staff will offer expedited reviews of registration statements or annual reports to registrants that participate in the test group as part of the Commission’s interactive data initiative. Interactive data holds the promise of transforming the static, text-only documents companies file with the SEC into dynamic financial reports that can be quickly and easily accessed and analyzed.

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