Incentive XBRL program
By: Cydney Posner
Apparently, the SEC hasn't had a lot of takers for its voluntary XBRL program. As a result, the SEC has announced an incentive program to encourage companies to volunteer for a test group as part of the SEC's interactive data initiative. Volunteer companies will furnish financial data contained in their periodic reports in XBRL format for at least one year and provide feedback on their experiences, including the costs and benefits associated with reporting in the interactive data format. Because of the anticipated efficiencies and to encourage participation, the SEC staff will offer volunteers expedited reviews of Securities Act registration statements that the staff has selected for review. For WKSIs, the Corp Fin staff will offer to inform volunteers whether or not the staff will select their Forms 10-K for review within 30 days after filing and will undertake to provide any comments on those filings within 45 to 60 days of filing. The staff is seeking test group participants that will use the commercial and industrial, banking, insurance or investment management industry classifications in XBRL. Companies interested in participating should contact the SEC by Feb. 10, 2006, for more information.