There are close to 17 firms who have reportedly joined SEC in this exercise. It has big names like Microsoft and all together with an Indian name of Infosys. It is expected that these companies will help the agency in a big way to explore how new Internet based reporting technologies can improve the financial reporting process for investors, financial intermediaries, SEC, and the companies themselves.
This is another set of initiatives taken by the SEC Head Christopher Cox on the lines of ensuring a good corporate boards and governance. The firm who have been selected are leaders in the areas of this technology and hence will provide an ideal way to use this technology.
The pilot programme will simultaneously enable the companies to determine the benefits of using interactive data, provide feedback to SEC, and enable investors and analysts to assess new techniques for analyzing interactive data reports submitted to the agency in the eXtensible Business Reporting Language (XBRL) format.
Among the corporates that have joined the programme are 3M, Bristol-Myers Squibb Company, The Dow Chemical Company, Microsoft Corporation, Mobile Reach International, Pfizer, R.R. Donnelley & Sons, South Financial Group, United Technologies Corporation, Xerox Corporation and XM Satellite Radio Holdings.
Meanwhile something about SBRL.