Petrobras is to take part in a Securities and Exchange Commission (SEC) pilot program to use interactive data in its financial statement filings. The pilot program will enable the participants to determine the benefits of using interactive data, provide feedback to the SEC and enable investors and analysts to assess new techniques for analyzing interactive data reports submitted to the SEC in the eXtensible Business Reporting Language (XBRL) format.
SEC Chairman Christopher Cox said, ‘As the number of companies submitting interactive data grows, it’s clear that making information available to investors in a more useful way is cost effective.’ At a roundtable on interactive data held in Washington this month, Cox said that the XBRL initiative, ‘avoids the drudgery of digging into today’s dense documents to fish out the data.’ Cox invited participants to ‘imagine the possibilities if all company and mutual fund financial information were available to everyone for free in real time, directly from the source.’
Interactive data will level the playing field between the ‘well endowed’ financial firms who can afford to compile comparative data and the individual investor. Companies interested in joining the test group should visit the interactive data spotlight page at www.sec.gov/spotlight/xbrl.htm.
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