The SEC’s got an IDEA
The laundry list of new guidelines and technological advances coming out of the Securities and Exchange Commission with the announcement last week that the “1980s-era EDGAR database” will be scrapped for the new Interactive Data Electronic Applications system. IDEA for short, the system is being built from scratch and will allow investors to sift through information however they choose.
EDGAR Online issued a release in support of the measure, calling it an opportunity to further support the adoption of electronic filing systems. In a statement, EDGAR Online CEO and president Philip Moyer says it’s something that the company “has advocated for years through its involvement in the development of XBRL [eXtensible Business Reporting Language] as an interactive data solution.”