In a final year-end push, the Securities and Exchange Commission voted 4-1 Wednesday to require mutual funds and the top 500 largest public companies to begin filing financial reports using eXtensible Business Reporting Language (XBRL).

Funds will be required to file risk and return information using XBRL by Jan. 1, 2011, giving funds plenty of time to prepare for the transition, and top companies will be required to use XBRL by mid-2009.

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