US SEC invests $54 million to pave the way for XBRL filing

US SEC invests $54 million to pave the way for XBRL filing

September 25, 2006

The U.S. Securities and Exchange Commission has awarded contracts totalling 54 million dollars to transform its EDGAR company information database, saying this paved the way for universal filing in XBRL by companies. The contracts include $5.5 million with XBRL US to complete the production of taxonomies, or XBRL dictionaries, which US companies will use to file their financial data, and $48 million with Keane Federal Systems to modernise and maintain the EDGAR database.