We knew that, of course, long before the commission ruled that companies must begin using the data-tagging technology to file their financial reports.
Now comes word of an equally bold step: The SEC is doing away with its EDGAR database and replacing it with Interactive Data Electronic Applications, or IDEA. The electronic system will utilize XBRL to give investors, analysts and other audiences fast, easy access to the financial information they need.
“This is not just a new name for EDGAR, this is a fundamental change in the way the SEC collects, manages and distributes information,” Cox told Reuters, adding, “IDEA’s launch represents a fundamental change in the way the SEC collects and publishes company and fund information – and in the way that investors will be able to use it.”
The nation’s largest companies will be using XBRL to file their financials as soon as the fiscal periods ending late this year.
What you think of the demise of EDGAR? While you’re thinking, check out these other XBRL-related resources: