At least 2/3 of mpanies in first phase of SEC rule have already created XBRL-formatted financials

WASHINGTON, May 7 /PRNewswire/ -- At least 340 of the estimated 500 public mpanies that the Securities and Exchange mission (SEC) requires to begin filing in XBRL format in June 2009, have already nverted their financial statements to XBRL. The survey of leading filing agents was nducted by XBRL US, the non-profit XML standard setter that developed and maintains the US GAAP dictionary (taxonomy) used by filers to mply with the SEC mandate.

The SEC’s mandate of public mpany reporting in XBRL will be phased in over two years with the largest public mpanies, those with a worldwide public float of $5 billion or higher, required to mply with the mandate starting with their June 15, 2009 quarter, a group estimated at 500 mpanies. All other large aelerated filers must mply starting with their June 15, 2010 fiscal quarter and all other publicly traded mpanies and foreign private issuers will be required to mply starting with their June 15, 2011 fiscal quarter.

“These XBRL financial statements represent almost $7 trillion in market capitalization, over 50% of the total market cap for all publicly traded mpanies reporting to the SEC. We’re at critical mass and looking forward to extending investor benefits to other asset classes in the future,” said Alfred R. Berkeley, Chairman, Pipeline Financial Systems LLC and Chair, XBRL US Board.

XBRL US finalized and released the 2009 version of the US GAAP Taxonomy on April 21, 2009. This current release inrporates industry changes and new FASB pronouncements and is being used by public mpanies preparing their financial statements in XBRL to mply with the SEC mandate. XBRL US is also responsible for developing XBRL tags for mutual fund risk/return summary portion of prospectuses and the schle of investments. These tags are all part of a single, unified and interoperable taxonomy. The taxonomy can be reviewed at http://xbrl.us/taxonomies/Pages/default.aspx.