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Article

Title: XBRL holds promise for sleuths at SEC

Author: Mosquera, Mary Article Type: Product Analysis
Source: Government Computer News, p17(1) Publication Date: Jan 9, 2006
  ISSN: 0738-4300
URL of Publication: http://www.gcn.com

The Securities and Exchange Commission is looking into an electronic data format that may speed up analysis of a company's financial filings. If there was widespread use of Extensible Business Reporting Language (XBRL) the agency would be able to find accounting irregularities faster and the general public would be able to research their issues with greater speed. The SEC has already made XBRL filings possible. So far, only nine companies have taken advantage of this. Companies have complained that the new filing format takes more time. Companies now file electronically through the SEC EDGAR system, but the analysts must then print the data and retype it to analyze it. 'SEC is passionate about its role in greasing the wheels of the securities market. Anything we can do to put better, more useful information in the hands of investors is something that we should do,' according to SEC CIO Corey Booth. Recently the SEC received information about the pros and cons of using XBRL. If many companies used XBRL it would be a time-saver for the SEC. The goal of XBLR is that the user would save a lot of time-intensive steps if the filing were all in correct XBLR format. The SEC has already reconfigured its computer system to accept XBLR filings.

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EDGAR XBRL

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