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GAO-09-389R 1 (2009-02-25)

handle is hein.gao/gaobadwxb0001 and id is 1 raw text is: I GA 0 T a m Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-317811 February 25, 2009 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Minority Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Interactive Data To Improve Financial Reporting Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission), entitled Interactive Data To Improve Financial Reporting (RIN: 3235-AJ71). We received the rule on January 30, 2009. It was published in the Federal Register as a final rule on February 10, 2009. 74 Fed. Reg. 6776. The final rule requires companies to provide financial information in a form that is intended to improve its usefulness to investors; companies are required to provide their financial statements to the Commission and on their corporate web sites in an interactive data format using the eXtensible Business Reporting Language (XBRL). In this format, financial statement information could be downloaded directly into spreadsheets, analyzed in a variety of ways using commercial off-the-shelf software, and used within investment models in other software formats. The rule applies to public companies and foreign private issuers that prepare their financial statements in accordance with U.S. generally accepted accounting principles (U.S. GAAP), and foreign private issuers that prepare their financial statements using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (JASB). The final rule has an effective date of April 13, 2009. GAO-09-389R

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