SEC to Replace EDGAR Database with IDEA
 
August 25, 2008
 

On August 19, 2008, SEC Chairman Christopher Cox announced that the SEC will phase out its EDGAR database for a new system called IDEA, short for Interactive Data Electronic Applications. IDEA is based on the SEC’s XBRL initiative and is intended to make information filed with the SEC more available and useful to investors by digitally tagging individual items in a company’s financial disclosures. The SEC’s goal is that this interactive data will permit investors to easily find and compare information from thousands of companies.

Although the IDEA system will coexist with EDGAR for the foreseeable future, the SEC anticipates that it will be fully mature in five years and capable of replacing EDGAR at such time. The SEC currently has proposed rules that would require all domestic and foreign large accelerated filers that use U.S. GAAP and have a worldwide public float above $5 billion to comply with XBRL data reporting beginning with their Form 10-Ks filed for fiscal periods ending on or after December 15, 2008. All other domestic and foreign large accelerated filers using U.S. GAAP would be subject to XBRL data reporting beginning the following year and beginning December 15, 2010, all remaining filers using U.S. GAAP, including smaller reporting companies and most foreign private issuers, would be subject to the XBRL data reporting requirements.

http://www.sec.gov/news/press/2008/2008-179.htm