EDGAR, the computer database system for filing documents with the Securities and Exchange Commission is being replaced with nteractive Data Electronic Applications (IDEA). The move comes as the SEC transitions from collecting forms and documents to making that information available to investors.
“IDEA will ensure that the SEC continues to stay ahead of the needs of investors,” said SEC Chairman Christopher Cox in a statement. “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.”
The investor investigation agency said that interactive filings would be available late this year through IDEA. IDEA is expected to replace EDGAR in three years.
“This is not just a new name for EDGAR, this is a fundamental change in the was the SEC collects, manages, and distributes information,” Cox said at Tuesday’s news conference.
IDEA uses interactive technology known as XBRL, which uses digital tags to link to each piece of financial data, allowing investors to search and compare key financial figures with greater ease.
Cox announced at the press conference that the agency will host a roundtable on October 8 to discuss how the SEC can improve its disclosure requirements.