Yesterday Chairman Cox introduced IDEA, the successor to the 1980s-era EDGAR database. IDEA, short for Interactive Data Electronic Applications, will at first supplement and eventually replace the current EDGAR system.

 

EDGAR hosts data in a traditional, static, form-based data presentation that is cumbersome to search. Using interactive data, or XBRL, IDEA will allow investors to instantly collate information and easily download and reorganize data.

 

The SEC has already proposed the mandatory use of XBRL for companies beginning next year and separately has proposed requiring mutual funds submit risk return sections in XBRL. The SEC expects companies’ interactive data filings to be available through IDEA beginning late this year.

 

The SEC did not release any details about the system or how issuers will interact with the system. The press release did indicate that EDGAR will continue to be available for the indefinite future. We will continue to keep you apprised of IDEA and related rules.

 

To read the press release, please visit http://www.sec.gov/news/press/2008/2008-179.htm. Make sure you have the sound on your computer.

Reference Materials

Compliance Update Links