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SEC Will Convert XBRL Filings Into New Public Databases

Joe Mont | December 31, 2014

The Securities and Exchange Commission has announced the launch of a pilot program that will consolidate financial statements submitted by public companies using the eXtensible Business Reporting Language (XBRL) into databases that can be more readily accessed by the public.

Under the new program, data that companies provide in structured formats will be combined and organized into structured data sets and posted for bulk downloads on the SEC’s website for use by investors and academics. The data sets, including financial statement data from XBRL filings initially, will be expanded in 2015 to include data in footnotes to the financial statements.

In 2009, the SEC began requiring U.S. public companies to report their financial statements in the machine-readable XBRL structured data format. Under the new initiative,...

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