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SEC Launches Program to Ease Analysis of Corporate Data

The SEC announced last week that it would begin a pilot program to aimed at making the digestion of corporate financial data easier for investors and academics. The agency plans to organize and combine data currently submitted by companies in financial statement data exhibits and footnotes in “machine-readable” XBRL format into a more usable, bulk download format for posting on the SEC website. According to the agency, the move is part of a larger effort to improve structured data in corporate reports, which has included a study of the use of “custom tags” and outreach to firms that were not including required calculations in XBRL filings.