It means nearly all public companies using U.S. GAAP (Generally Accepted Accounting Principals) will be required to submit data in the fully searchable, digital format which will likely exacerbate the transition away from print.

Berwyn, Pa-based printer Infinity Resource Group produces annual reports and is already feeling the impact. President Roy Innella told PrintWeek that many smaller public companies now simply file their 10K statements electronically and forgo the expense of a printed report.

Before XBRL, companies had to file in either HTML or ASCII text, so most companies that wanted to drop printed financial documents in favor of electronic could have done so before XBRL.

But advocates of the new format note it will enable everyone from financial analysts to investors to the general public to more easily search, read and compare financial information from different public firms.

One source familiar with the XBRL program, who requested anonymity, said it's unlikely to impact the annual report business right away, though the advantages of having searchable reports could drive investors to demand more financial documents in the XBRL format.

He noted that "it doesn't replace print per se - previously they had to file in ASCII Text or HTML, which meant it could be filed electronically. Now they have to file in a new format, which makes it computer readable."

The first XBRL implementation stage took place two years ago, and required the largest companies - those with a global public equity float of US$5bn, to file in the format. The second phase, for the next largest group of public companies took place last year - this new phase is for the rest of the public companies.