As companies await a final Securities and Exchange Commission rule that will force them to use XBRL technology in their financial filings as soon as next year, the SEC has unveiled an XBRL push of its own: scrapping the EDGAR database in favor of a new system to handle “interactive data” filings.
The SEC held a news conference Aug. 19 to herald the new system, known as IDEA for Interactive Data Electronic Applications. The Commission even posted the IDEA logo, a video clip, and an “SEC Spotlight” item touting IDEA on the SEC Website, just to show the agency means business.
