The Securities and Exchange Commission has decided to forge ahead with its push for widespread adoption of XBRL, announcing a major overhaul of its database of corporate regulatory filings that will use the interactive computer language as its technological heart.
The overhaul comes through three contracts worth a total of $54 million, which the SEC says will transform EDGAR, the agency’s 1980s-vintage public company disclosure system. The project supposedly will transform EDGAR from a “form-based electronic filing cabinet to a dynamic, real-time search tool with interactive capabilities.”
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