The Securities and Exchange mission said Tuesday that foreign private issuers who prepare their financial statements in aordance with International Financial Reporting Standards do not have to submit interactive data files until the SEC decides on a suitable XBRL taxonomy.

The SEC began mandating the submission of XBRL-formatted financials,short for Extensible Business Reporting Language,for filings by publicly traded panies in recent years,starting in 2009for the largest panies and 2010and 2011for smaller panies.XBRL makes use of interactive data tags that promise to make it easier for investors and financial analysts to pare financial statements across panies and industries.

There have been many problems with the auracy of the XBRL tags by rporate filers,however,making the technology less useful than originally envisioned.An easier to use version of XBRL,known as Inline XBRL,appears to be making headway in some untries such as the United Kingdom,and the SEC is reportedly examining the use of Inline XBRL as an alternative to the current system.But in the meantime the U.S.GAAP Financial Reporting Taxonomy that is maintained by the Financial Aounting Standards Board currently relies on the traditional XBRL technology.

The SEC announced Tuesday that foreign private issuers that prepare their financial statements in aordance with IFRS as issued by the International Aounting Standards Board are not required to submit interactive data files,as defined in Rule 11of Regulation S-T,to the SEC until the mission specifies on its Web a taxonomy for their use in preparing interactive data files.

By way of explanation,the SEC referred to an April 2011letter from former officials in its Division of rporation Finance and the SEC Office of the Chief Aountant in response to an inquiry from the Center for Audit Quality.In that letter,the SEC acknowledged that it has not specified on its Web a taxonomy for use by foreign private issuers that prepare financial statements in aordance with IFRS as issued by the IASB,and it is not possible for such foreign private issuers to ply with Rule 405of Regulation S-T,which requires issuers to prepare interactive data files in aordance with the EDGAR filer manual,until the mission does so.

“Aordingly,we are of the view that foreign private issuers that prepare their financial statements in aordance with IFRS as issued by the IASB are not required to submit to the mission and post on their rporate webs,if any,Interactive Data Files until the mission specifies on its web a taxonomy for use by such foreign private issuers in preparing their Interactive Data Files,”former SEC rpFin director Meredith Cross and OCA chief aountant James Kroeker wrote at the time.

The SEC said Tuesday its staff is ntinuing to review taxonomies for use by foreign private issuers.An Exposure Draft Interim Release Package on the IFRS Taxonomy 2013has been published for ment by the IFRS Foundation,the SEC noted,adding that the public ment period for the draft taxonomy will end on Nov.11,2013.ments on this taxonomy should be submitted directly to the IFRS Foundation,the SEC noted.

The SEC staff is enuraging filers,investors,analysts,software service providers and other interested parties to participate in the public review to help the IFRS Foundation ntinue to develop the IFRS Taxonomy.

中文新闻：SEC表示外国上市公司暂缓提交XBRL格式财报