The SEC offer, contained in a Web statement is all part of a commission effort to begin migrating corporate reports onto a system based on the Extensible Business Reporting Language (XBRL).
Testers will furnish financial data contained in their periodic and investment company reports in XBRL format for at least one year and provide feedback on their experiences, including the costs and benefits associated with reporting in the interactive data format. The commission staff is seeking test group participants that will use the commercial and industrial, banking, insurance, or investment management industry classifications in XBRL, the SEC announcement said.
SEC Chairman Christopher Cox said in the statement that SEC staff members will take advantage of the anticipated efficiencies to offer test volunteers expedited reviews of registration statements under the Securities Act of 1933 that the staff has chosen to examine. “Interactive data holds the promise of transforming the static, text-only documents companies file with the SEC into dynamic financial reports that can be quickly and easily accessed and analyzed, the SEC said.
Not only that, but Cox said that for well-known seasoned issuers, the Division of Corporation Finance staff will offer to inform test volunteers whether or not the staff will select their annual reports on Form 10-K for review. The staff will notify each such volunteer whether it will select the volunteer’s Form 10-K for review within 30 days after filing and will try to provide any comments on that filing within 45-60 days of filing.
“The best way for filers to understand how interactive data works is to participate in the voluntary program,” Cox said. “The filers will have an opportunity to share with the SEC their individual experiences with preparing, making and analyzing their interactive filings. They will also better understand how interactive data can help streamline their financial reporting process.”
Companies interested in participating in the test group should contact Jeffrey Naumann in the Office of the Chief Accountant ( firstname.lastname@example.org ) or Brigitte Lippmann in the Division of Corporation Finance ( email@example.com ) by February 10, 2006, for more information.
More information about XBRL is here .
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