Keep an eye on the SEC. Word is the Commission will soon propose rules that would require the use of XBRL in the preparation of financial statements as early as next year.

“The SEC’s rule,” writes Financial Week’s Nicholas Rummell, “will likely include a timetable for a phased-in approach, and next week a coalition of vendors and businesses plans to send final taxonomies to the SEC. Final rule-making is tentatively scheduled for completion by the fall, said SEC spokesman John Nester. That could mean companies beginning to report in XBRL as soon as the first quarter of 2009, sources said.”

We’ll provide an update as soon as we hear word from the SEC. Stay tuned …

• UPDATE: According to Financial Week, the SEC has delayed the announcement of its new XBRL mandate until May 14.
• UPDATE, PART 2: As expected, the SEC has proposed its XBRL mandate. Read more here.