SOURCE: UBmatrix, Inc.

December 16, 2008 12:38 ET

SEC Expected to Mandate XBRL Filings for Public Companies

Sunir Kapoor, XBRL US Board Member and CEO of UBmatrix Available to Provide Comment and Perspective

REDWOOD CITY, CA--(Marketwire - December 16, 2008) - The Securities and Exchange Commission (SEC) in a meeting scheduled for tomorrow, Wednesday, December 17, 2008, will consider a Rule Proposal to mandate interactive data (XBRL) filings of SEC reports for public companies. Under the rule, as originally proposed, public companies would be required to submit their reports in XBRL in a phased approach beginning in early 2009 with large accelerated filers.

"Interactive Data or XBRL is bringing a revolution to the transparency of public financial information. Such transparency and democratization of information can only lead to a more informed public -- and greater transparency on Wall Street," said Sunir Kapoor, a board member of XBRL US, an organization dedicated to advancing the understanding and use of XBRL standards, and chief executive officer of UBmatrix, Inc., the leading provider of XBRL solutions. "XBRL technology, which is an evolution of XML, the language of the Internet, essentially allows for the 'bar-coding' of financial data. Use of such technology not only increases public company transparency, it will also improve the efficiency and reduce the costs of reporting for those companies."

"I think we can expect to see even more adoption of such technologies by US agencies in the next administration as President-elect Obama has been a champion of similar transparency initiatives in the Senate, including the 'Obama-Coburn Transparency Act' and the 'Strengthening Transparency and Accountability in Federal Spending Act of 2008,' which pushed for a web search engine for federal spending," said Sunir Kapoor.

Sunir Kapoor is available to media to provide comment and perspective on XBRL and any SEC action to mandate Interactive Data (XBRL) filings. Kapoor is a board member of XBRL US, an organization dedicated to advancing the understanding and use of XBRL standards, and chief executive officer of UBmatrix, Inc., the company that founded the XBRL standard and the leading provider of XBRL solutions. He is a frequent commentator on XBRL issues and applications, and previously served in executive positions at Oracle and Microsoft.

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