When the executives at Old Mutual Capital, a mutual fund based in Denver, decided to test the interactive-data waters this year, they didn’t know what to expect.
They did know the Securities and Exchange Commission had been pushing companies to start filing their periodic reports in XBRL, the eXtensible Business Reporting Language that supposedly will make financial data much easier for companies to file and investors to browse and analyze. And earlier this year, the SEC approached Old Mutual about participating in a pilot program, where the fund would agree to file its reports “tagged” in the XBRL language for a year and share feedback on its experience to the SEC, in exchange for expedited review of its reports.
