The Securities and Exchange Commission has issued a request for proposal for technology firms to submit solutions for applying Extensible Business Reporting Language (XBRL) to SEC filings so that it is easier for investors and analysts to navigate the filings and readily compare financial information among companies.

To date, the SEC has only run a data test group of about two dozen companies using XBRL, which has been applied to periodic reports.

"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," said SEC Chairman Christopher Cox.

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