On August 19, SEC Chairman Christopher Cox unveiled what eventually will become the successor to the EDGAR database, saying that it will be built “to give investors far faster and easier access to key financial information about public companies and mutual funds.”.  The new system is called IDEA, which stands for Interactive Data Electronic Applications.  In his announcement, Chairman Cox estimated that the new system will be fully implemented in three years and is expected to be "mature" in five years.
 
CT welcomes and supports the SEC's drive to modernize its systems.  The proposed rules mandating XBRL disclosure (in addition to the existing HTML/ASCII requirements) for corporations and mutual funds are a big part of that push to change the EDGAR system from a document collection system to a truly interactive database. 
 
CT EDGAR Solutions is ready to assist and support EDGAR filers as they modernize their own filing workflows right along with the SEC.  We offer our customers the most comprehensive and flexible EDGAR workflow solutions, which now include XBRL filing preparation.  CT can help filers get started now and be well-prepared for the coming XBRL mandate.  Filers can use our full-service option (outsourcing the entire XBRL filing preparation process to our Service Bureau), or transition themselves into a self-service mode, using our collaborative, web-based XBRL application to prepare their XBRL filings in-house.
 
To find out how CT can assist you in responding effectively to the Commission's evolving interactive data initiatives, send an inquiry to info@edgarease.com, or dial 888-89EDGAR and select Option 1.  Our sales team is ready to assist you.
 
The SEC has also announced it is examining their disclosure rules as part of their 21st Century Disclosure Initiative (see http://www.sec.gov/news/press/2008/2008-119.htm).  The SEC has said that this initiative will include "a review of all existing SEC forms and reporting requirements, as well as the manner in which information is provided to the Commission, with a special focus on needless redundancy."  Recommendations on improvements in disclosure are expected from the SEC staff as early as the end of 2008.
 
CT is committed to providing flexible and cost-effective solutions to keep companies in all segments of its market (corporations, law firms, investment management companies, filing agents and others) fully up-to-date and compliant with the latest rule changes coming from the SEC.  The new electronic Form D, for example, will be added to EDGAR Ease+ in an upgrade to be released before December 1, well before the electronic filing of Form D becomes fully mandatory.
 
To read the press release detailing the announcement of the SEC's new IDEA system, and to quickly reach the archived video of Chairman Cox's press conference, please visit http://www.sec.gov/news/press/2008/2008-179.htm .
 
If you need any further information or details about how CT EDGAR Solutions is responding to evolving SEC requirements, please email your inquiry to info@edgarease.com, or call 888-89EDGAR and select Option 2 for technical support.