Funds Must Start Using XBRL in 2011
Beginning in 2011, the SEC will require funds to data tag financial information filed as part of the summary prospectus. The data tags, using XBRL, serve as bar codes allowing investors and other market participants to quickly compare data among funds.
OUR TAKE: Expect the data-tagging to expand beyond financial information to the other elements of the summary prospectus. Firms should use this lead time to integrate the new summary prospectus and the data-tagging into one disclosure initiative.