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SEC to use XBRL for Financial Reporting

SEC Approves Interactive Data for Financial Reporting by Public Companies, Mutual Funds, Securities and Exchange Commission, Press Release 2008-300, Washington, D.C., Dec. 18, 2008.

The SEC plans to phase out the EDGAR system and replace it with its Interactive Data Electronic Applications (IDEA) database. The IDEA system is based on eXtensible Business Reporting Language (XBRL), one of a number of XML markup languages which are used to encode documents and serialize data.

The Press Release says that, “With interactive data, all of the facts in a financial statement are labeled with unique computer-readable ‘tags,’ which function like bar codes to make financial information more searchable on the Internet and more readable by spreadsheets and other software. Investors will be able to instantly find specific facts disclosed by companies and mutual funds, and compare that information with details about other companies and mutual funds to help them make investment decisions.”

See also:

SEC To Replace EDGAR With ‘IDEA’

Test Drive Interactive Data!. SEC’s Interactive Financial Report Viewer! The Viewer allows you to interact with XBRL filings made as part of the SEC’s Voluntary Filing Program.

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