The EDGAR system is about to get a makeover. Securities and Exchange Commission Chairman Christopher Cox last week announced a $54 million initiative to take the 1980's-era system into the interactive age. The SEC has contracted with three companies, each to undertake a different segment of the overhaul.

To date, the SEC has not required companies to file reports tagged and ready for Extensible Business Reporting Language (XBRL), although Cox emphasized the agency's commitment to that goal for the future.

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