SEC releases 21st Century Disclosure Initiative report

[Mike Schlanger]

From the SEC website: "On January 17, 2009, the SEC sponsored 21st Century Disclosure Initiative produced a report describing a modernized disclosure system and recommending future Commission action for a transition to the new system. The Initiative's proposed new system will use new technology to collect, manage, and provide structured disclosure information that is dynamic, accessible, and easier to use, while providing the Commission with tools to better fulfill its mission of protecting investors, maintaining orderly markets, and facilitating the formation of capital."

Building the IDEA (Interactive Data Electronic Applications) system to replace the EDGAR system is at the core of this project team's recommendations. The "guts" of the IDEA system is interactive data (XBRL).

The report is available at http://sec.gov/spotlight/disclosureinitiative.shtml.