IDEA Filing Agent

"After 75 years of document-based static financial reporting, whether in paper documents or in electronic equivalents, it is exciting to see the SEC poised to cross the 'data threshold' and help investors receive financial information that is dynamic, usable and ready to go as they make their investment decisions. And when the investor wins, so does the public company, fund, or other filer who simultaneously benefits from greater transparency and trust in our markets. By tapping the power of interactive data to tear down barriers to quick and meaningful investment information, markets can become fairer and more efficient while investors can possess far better quality data than was ever possible before." - David Blaszkowsky, Director of the SEC's Office of Interactive Disclosure.

Key Terminology for IDEA and EDGAR

EDGAR, short for electronic data gathering, analysis and retrieval system, handles more than 500,000 financial statements every year from public companies and other entities. The current EDGAR system has been online since 1996 and accepting both ASCII and HTML documents. (read more)

IDEA, short for Interactive Data Electronic Applications, will give investors faster, more accurate and more useful information about public companies and mutual funds. The SEC has spent tens of millions of dollars to develop the new IDEA system, which will use interactive data technology known as XBRL, or extensible business reporting language.

XBRL stands for eXtensible Business Reporting Language and is the global standard for business reporting that enables companies to mark and transform financial data into a format that can be easily transmitted and shared electronically. IDEA Filings in XBRL provide major benefits in the preparation, analysis and communication of business information. (read more)

XML at its simplest, structures data so that it is platform independent. While this structured data/XML is text it isn’t meant to be read like a web page. The SEC’s announcement confirming that IDEA will replace the legacy EDGAR system has spurred the advancement and development of data manipulation tools and projects that can convert data into XBRL (a sub-set of XML) using a taxonomy without a great deal of human intervention. (read more on XML)

XML Taxonomies are lexicons or dictionaries created in order to provide a common language to use in the exchange of information. Industry groups, governmental agencies and other organizations drive the development of these taxonomies with the intent of creating the most efficient method for publishing financial information to the web.

Polls

  • The investor protection agency said interactive filings will start being available late this year through IDEA, which will eventually replace the EDGAR system after running in parallel for about three

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December 15th 2008
Tags: EDGAR, Filing Agents, IDEA, XBRL

Comments Off on XBRL/IDEA Service Bureau: Toppan Vite New York

XBRL/IDEA Service Bureau: Toppan Vite New York

Why use an XBRL Service Bureau? While it is possible to prepare interactive XBRL data for filing on your own, it could take up to 300 hours to read the information needed to properly prepare SEC compliant XBRL documents. Developing an understanding of the rules and guidelines set forth in the US GAAP Taxonomy ...
December 4th 2008
Tags: XBRL, XBRL Utilities

Comments Off on Tools for Utilizing XBRL/IDEA Documents

Tools for Utilizing XBRL/IDEA Documents

In addition to the online prototypes mentioned earlier, XBRL.org links to a series of tools allowing investors, analysts, potential IDEA/XBRL Filers and enthusiasts to start working with data structured in XBRL. Tools for Instance Document Creation Taxonomy Creation XBRL Validation In addition to the software based tools, XBRL members have provided brief descriptions of products and services. ...
December 1st 2008
Tags: EDGAR, XBRL, XBRL Utilities

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SEC Announces Mutual Fund Comparisons Using Interactive Data Now Available

As of April 7th, 2008, the prototype of the upcoming (final) Mutual Fund Reader website became available to the public. In addition to the Mutual Fund Reader functionality, the SEC's Interactive Data Viewer page contains links to: Interactive Financial Reports which can be used to view, chart and compare company financial ...
November 11th 2008
Tags: EDGAR, IDEA, XBRL

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SEC: What is Interactive Data

From the SEC's spotlight on Tagged Data and XBRL Initiatives for EDGAR Filings: What is Interactive Data? Interactive data means giving investors quicker access to the information they want in a form that's easily used; helping companies prepare the information more quickly and more accurately; and helping knowledge capital keep up with ...
November 5th 2008
Tags: EDGAR, Filing Agents, IDEA, XBRL

Comments Off on IDEA for Filers

IDEA for Filers

Starting with financial data of Q4 2008, to be filed in Q1 2009, the top 500 public companies by market cap will have to file their documents in XBRL. The other public companies will follow 6-18 months later. Currently three dozen companies, representing more than $1 trillian USD of market ...

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