The SEC's rule titled "Interactive Data to Improve Financial Reporting" resulted in which of the following?
A)XBRL International now creates yearly taxonomies for XBRL filing.
B)Large accelerated filers must now format their financial statements using XBRL.
C)U.S.banks must submit their quarterly "Report of Condition and Income" using XBRL.
D)Updated the XBRL specification to the most current version.

Question

Quizplus · Accepted Answer

The SEC's rule on "Interactive Data to Improve Financial Reporting" requires large accelerated filers to format their financial statements using XBRL, making B the correct answer. While XBRL International continues to create yearly taxonomies and U.S. banks must submit the "Report of Condition and Income," these actions were not a direct result of this SEC rule. Additionally, the rule did not update the XBRL specification to the most current version.

The SEC's Rule Titled "Interactive Data to Improve Financial Reporting