SEC Proposes XBRL Tagging of Filings

July 31, 2008 Advisory

The Staff of the Securities and Exchange Commission (the "SEC") recently proposed new rules that would require domestic and foreign issuers that use US GAAP (and eventually those that use IFRS) to submit their financial statements in XBRL format. "XBRL" stands for eXtensible Business Reporting Language, a set of extensions that allow data to be tagged and retrieved easily across documents. This memorandum provides a brief summary of what XBRL is, how it works and the new rules requiring the use of XBRL that the SEC has proposed.