XBRL group says data tags have been finalized
NEW YORK, May 2 (Reuters) - Coded versions of U.S. accounting rules used to digitally tag financial data have been finalized and delivered to regulators at the U.S. Securities and Exchange Commission, a group contracted by the SEC to develop them said on Friday.
The codes, or taxonomies, developed by XBRL-US Inc, will make it possible for companies to file financial reports in a machine-readable computer code, called eXtensible Business Reporting Language, or XBRL.
The SEC plans to hold a meeting on May 14 to lay out a road map for when companies will have to file results in XBRL.
The SEC has a voluntary pilot program in which more than 70 companies, including Microsoft Corp (MSFT.O) and United Technologies (UTX.N), file their financial data in XBRL, or extensible business reporting language. XBRL electronic tags are much like bar codes and can be attached to each piece of financial data.
The taxonomies had been made available to the public for comments and review since December last year.
Global news and information company Thomson Reuters Corp (TRI.TO) is a member of XBRL International, a consortium of about 480 companies and organizations that develops and promotes the use of XBRL.
(Reporting by Emily Chasan, editing by Richard Chang)
