SEC To Reward Volunteers Of Interactive-Data Program

The Securities and Exchange Commission says it will reward companies that volunteer for the SEC's interactive-data initiative by expediting review of their registration statements and annual reports to companies.

January 12, 2006

The Securities and Exchange Commission says it will reward companies that volunteer for the SEC's interactive-data initiative by expediting review of their registration statements and annual reports to companies. Since April, the commission has been testing its eXtensible Business Reporting Language (XBRL) language for making financial data interactive, and now is looking for volunteers to participate in the program for one year. During that time participants will provide feedback on their experiences, including costs and benefits of using XBRL. The SEC's Division of Corporate Finance staff will select a volunteer company for expedited review within 30 days of filing and provide feedback within two weeks to a month after that.