SEC LAUNCHES IDEA SYSTEM TO REPLACE EDGAR
The SEC announced the launch of its new Interactive Data Electronic Applications (IDEA) system, an electronic database that will replace the EDGAR system. The IDEA system will utilize and implement the functionality possible with XBRL tagging now required for many SEC filings. IDEA will replace EDGAR over an extended transition period. Chairman Cox indicated that filings through IDEA will be available beginning late this year.
OUR TAKE: EDGAR’s days have been numbered ever since the SEC launched the XBRL initiative. The move to a data-based system is long overdue. Firms should contact their IT teams or their vendors to ensure they are ready for the transition.