SEC May Test Format for Filing Reports
The Securities and Exchange Commission may allow companies to file annual and quarterly reports using a software format that would make it easier for investors to search and sort company data.
About 300 companies including Microsoft Corp. and General Electric Co. use the technology, called Extensible Business Reporting Language, or XBRL, to analyze their own financial data, said Peter Derby, an SEC managing executive. The SEC may start a pilot program in the next few months under which companies would file reports using XBRL, he said.
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