SEC Offers Software Industry Opportunity to Join in Web-Based Design

The Securities and Exchange Commission (SEC) has announced plans for its own Web tools that will let investors and analysts exploit interactive data to analyze mutual fund and corporate information. The announcement came in the form of a Request for Proposal (RFP) for the development of web-based analysis software that will enable investors and analysts to use interactive data encoded in eXtensible business Reporting Language (XBRL) format.


Advertisement


Thousands of executives with financial reporting responsibilities use the Comperio on-line library to access the type of information and interpretive guidance PricewaterhouseCoopers' own professional audit staff use around the world. Key content areas include guidance from the FASB, EITF, PCAOB, SEC, and others as well as PwC's interpretive guidance. Get more information and sign up for a complimentary 30-day trial.


“The SEC’s website will feature easy-to-use software that will allow any investor, analyst, or company to discover the possibilities of interactive data,” SEC Chairman Christopher Cox said in a prepared statement. “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. We’re enthusiastic about our own plans for the Web, and we look forward with equal enthusiasm to the development of a variety of private-sector applications for both professional and retail use.”

The full text of the draft RFP is available on the General Services Administration’s “Federal Business Opportunities” http://www.fbo.gov/spg/SEC/OAPM/PCB/SECHQ1%2D06%2DR%2D0350/listing.html website.

The SEC has been moving toward the use of interactive data in its disclosure program since February 2005. Already, the Commission has launched initiatives to test the use of interactive data in periodic reports for corporations and in investment company reports. More than two dozen companies of all sizes, including some of the largest companies in America, have joined the SEC’s interactive data test group, and the agency is continuing to welcome new participants.

Interactive data has the potential to enable individual investors and investment professionals to quickly search for and analyze any particular items of information from financial reports, such as individual line items from the financial statements, text-based information including accounting policies or mutual fund expenses, and also to easily compare them from company to company and industry to industry. Interactive data also can allow automatic, real-time delivery of SEC financial data direct to anyone’s desktop.

You may like these other stories...

How are you planning? What tools do you use (or fail to use) for forecasting? PlanGuru is a business budgeting, forecasting, and performance review software company based in White Plains, N.Y. AccountingWEB recently spoke...
Event Date: October 30, 2014, 2 pm ETMany Excel users have a love-hate relationship with workbook links. For the uninitiated, workbook links allow you to connect one Microsoft Excel spreadsheet to other spreadsheets, Word...
Event Date: September 9, 2014, 2:00 pm ETIn this session we'll discuss the types of technologies and their uses in a small accounting firm office. Included will be:The networked office: connecting everything together for...

Already a member? log in here.

Upcoming CPE Webinars

Aug 26
This webcast will include discussions of recently issued, commonly-applicable Accounting Standards Updates for non-public, non-governmental entities.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.
Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.