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SEC will make its electronic database interactive

26 Sep 2006

US Securities and Exchange Commission has awarded three separate contracts totaling US$54 million to "transform the agency's 1980s-vintage public company disclosure system from a form-based electronic filing cabinet to a dynamic real-time search tool with interactive capabilities".

By moving to interactive data using the XBRL computer language, the SEC will be joining the US FDIC, the Federal Reserve, and the Comptroller of the Currency, which already require banks to use it. For the last year, approximately 8,200 US financial institutions have been using XBRL to submit quarterly reports to US banking regulators. To SEC's current electronic - nicknamed EDGAR - cannot yet utilise the extra capabilities of XBRL. The three contracts announced today will close that gap, paving the way for universal XBRL filings by companies, which are currently voluntary. Click for (PDF 42k). The SEC will hold an (PDF 39k) at its offices on 3 October 2006.