SEC seeks input on taxonomies

The Securities and Exchange Commission's Office of Interactive Disclosure has asked for public comment on computer labels that will help companies make their financial disclosures more useful for investors and analysts.

At least nine software companies already support the standardized lists of labels, or taxonomies, that represent Generally Accepted Accounting Principles standards.

Their products will enable public companies to make quarterly and annual financial reports available in interactive data form instead of text form.

The interactive data is encoded in Extensible Business Reporting Language, which allows companies to map their financial information to the taxonomies.

The public comment period ends April 4.

About the Author

Patrick Marshall is a freelance technology writer for GCN.

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