SEC Chairman demonstrates benefits of XBRL

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25 Oct 2006

In a keynote speech at the 39th Annual Securities Regulation Seminar in Los Angeles, US SEC Chairman Christopher Cox demonstrated how to use three different software packages to download and analyse financial and other data reported to the SEC in XBRL format.

Chairman Cox's speech is titled Giving Investors the Information They Need, In a Form They Can Use (PDF 69k). He demonstrated the XBRL software by using actual XBRL data filed with the SEC by voluntary XBRL reporting companies. The three products are (click for their websites): Around two dozen XBRL products are listed on XBRL International's Website. Chairman Cox said:

This isn't just a dream, it's soon to be reality. And to make sure the dream comes true, the SEC recently committed over $50 million to do what's necessary to give these very capabilities to every investor – from the professional analyst to the amateur stock picker – in the very near future. And by that I mean months, not years.

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