The EDGAR system is about to get a makeover.
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.
"The new system will make it easier both to file information with the Commission, and to use it," Cox said. "For investors and analysts, it will represent a quantum leap over existing disclosure technologies. For companies it will mean easier and less costly compliance with SEC requirements.
Already 8,200 financial institutions have used XBRL to submit reports to U.S. banking regulators, according to the SEC. The
Cox has said that he wants the mutual fund industry to help serve as the program's pioneers, providing access to historical performance, fees and expenses and risks with a single click.
"These steps represent significant progress toward harnessing the potential of the Internet for the benefit of all," said Paul Schott Stevens, president of the
The three contracts award include a $48 million agreement with
The second contract, worth $5.5 million, dedicated to developing universal taxonomies for financial companies to use when filing has been awarded to
The final, $500,000 portion of the money will go toward separate contracts with
"Like Chairman Cox, we believe the Internet can empower investors by providing disclosure that is as useful as it is complete," Stevens said.