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XBRL: It's the Law

The SEC under Mary Schapiro moves full-speed ahead with the financial reporting standard but pauses on the road to GAAP-to-IFRS conversion.

By Beth Karlin | Updated on March 02, 2009

It didn’t take long for the new administration to flex its muscles on accounting practices. The Securities and Exchange Commission (SEC) issued an XBRL enforcement timetable, on schedule on Jan. 30, but delayed action on a timeline for the proposed switch from Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS). Promising to “take a deep breath and look at this entire area again,” new SEC Chairwoman Mary Schapiro, extended the comment period on its proposed IFRS roadmap to April 20 from Feb. 19.

“Using sophisticated technology to bring clarity to financial reporting is right in line with what this administration is looking for,” says Michelle Savage, communications vice president of nonprofit XBRL US.

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