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Firm Memoranda

SEC Proposes Mandatory XBRL Use

Date: 05/19/08

On May 14, 2008, the SEC voted unanimously to propose a new rule requiring companies
to provide financial information using interactive data formatted in eXtensible Business Reporting
Language (“XBRL”). Developed by XBRL US Inc., XBRL permits filers to mark their disclosures with
interactive data tags that function to uniquely identify items in a company’s financial statements. SEC
Chief Information Officer Corey Booth said the rule “represents the next logical step in the evolution of
company disclosure.”

CGRMemo_SEC Proposes Mandatory XBRL Use.pdf (pdf | 40.46 KB )