eXtensible Business Reporting Language for Financial Reporting


In December 2008 the Securities and Exchange Commission (“SEC”) voted to adopt final rules and amendments that require issuers to file a supplemental exhibit “tagging” their financial statements with an interactive data format known as XBRL (eXtensible Business Reporting Language) over a three year phase-in period. The rules apply to periodic reports (Forms 10-K and 10-Q) and registration statements filed with the SEC and apply to domestic and foreign public issuers that prepare their financial statements in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) and foreign private issuers that prepare their financial statements using International Financial Reporting Standards (“IFRS”) as promulgated by the International Accounting Standards Board.

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