BY IR Web Report Staff
THE US Securities and Exchange Commission has put out a call for developers to help the commission develop Web tools that will let investors and companies analyze XBRL filings.
The move is significant because it may remove a key stumbling block to wider adoption of XBRL. While tools exist to help companies tag their filings in XBRL, there are no widely used free programs to help investors actually use the data.
“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 statement.
The commission has published a request for proposal on the General Services Administration’s “Federal Business Opportunities” website.
Launched in February 2005, the SEC has been testing the use of XBRL filings under a pilot program that now includes more than two dozen corporate and investment company participants. The agency is continuing to welcome new participants.