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After proposing requiring U.S. public companies to file their financial reports using Extensible Business Reporting Language tags, Securities and Exchange Commission moves to next phase of electronic filings, debuting the IDEA database. XBRL allows public companies and mutual funds to submit information in a standardized, tagged format for analysis and comparisons while IDEA users will be able to instantly collate information from thousands of companies and forms.
- The SEC (Securities and Exchange Commission) debuted its successor to the agency's EDGAR database Aug. 19 with Chairman Christopher Cox proclaiming the new interactive database as faster, more accurate and more meaningful than the 1980s era EDGAR. Known as IDEA (Interactive Data Electronic Applicat...

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