The US Securities and Exchange Commission (SEC) has awarded three contracts totaling $54 million to transform the agency’s 1980s-vintage ‘EDGAR’ company disclosure system from a form-based electronic filing cabinet to a ‘dynamic real-time search tool with interactive capabilities.’
According to the SEC, the move ‘presages widespread adoption of interactive data filing by companies that report their financial information to the SEC.’ Such reporting, leveraging the XBRL data standard (OITJ Vol. N° ) has only been a voluntary pilot program. XBRL reporting is already mandatory for banks in their dealings with the US Comptroller of the Currency.
The SEC has not so far mandated reporting because the XBRL tag set is incomplete. The new contracts will address these issues and also upgrade EDGAR to fully leverage XBRL. Contract beneficiaries include Keane Federal Systems, XBRL US, Rivet Software and Wall Street on Demand.
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