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Interactive Data Electronic Applications (IDEA)

November 22, 2008
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The SEC has a complentary initiative to XBRL referred to as IDEA. IDEA will at first supplement then eventually replace the EDGAR electronic data gathering system. IDEA will ultimately enable use of interactive data (XBRL/XML coded data) to instantly search, sort and analyze financial data on the fly. IDEA will allow analysis and comparison of multiple companies at once…a big improvement from the chunky one document at a time approach of the EDGAR system.

“IDEA will ensure that the SEC continues to stay ahead of the needs of investors,” said SEC Chairman Cox. “This new SEC resource powered by interactive data will give investors far faster, more accurate, and more meaningful information about the companies and mutual funds they own. IDEA’s launch represents a fundamental change in the way the SEC collects and publishes company and fund information – and in the way that investors will be able to use it.”

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