The SEC (Securities and Exchange Commission) announced that it will replace the EDGAR filing system with a new system named IDEA - Interactive Data Electronic Applications. Public companies use the EDGAR system to make their financial filings with the SEC. The EDGAR system is document-based; the new IDEA system is an interactive database that will identify individual data items on financial statements. IDEA will enable downloading data into spreadsheets and facilitate analysis by investors, financial analysts, students, and other users.
There will be a transition period (of unspecified duration) as IDEA-like features are gradually added to EDGAR. EDGAR will later become the historical archive of company SEC filings.
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