US SEC announces plans for XBRL analysis software

14 August 2006

The US Securities and Exchange Commission (SEC) has announced plans for its own XBRL analysis tools which will run on the Web and enable investors and analysts to benefit from XBRL data. 

The SEC issued a formal request for proposals from the software industry for setting up a prototype system that will provide a user-friendly access to financial reports in XBRL submitted to its EDGAR database. 

"The SEC's website will feature easy-to-use software that will allow any investor, analyst, or company to discover the possibilities of interactive data,” SEC Chairman Christopher Cox said.  “Looking down the road, we expect that commercially available software products will serve customers in many more sophisticated ways to take advantage of interactive data.  We're enthusiastic about our own plans for the Web, and we look forward with equal enthusiasm to the development of a variety of private-sector applications for both professional and retail use.”

The announcement follows a number of steps by the SEC to encourage and investigate the adoption of interactive data, or XBRL, for the reporting of financial information.  Some 25 companies have joined an SEC programme to test the use of XBRL filings.

The SEC said it plans to award a firm fixed price contract for XBRL analysis software, but did not give a value for the contract.  Proposals are due by Aug. 31, with work beginning in October.

The request for proposals is at:

http://www.fbo.gov/spg/SEC/OAPM/PCB/SECHQ1%2D06%2DR%2D0350/listing.html

The SEC press release on the announcement is at:

http://www.sec.gov/news/press/2006/2006-139.htm.

Announced by:

Peter Calvert

XBRL International

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