The Securities and Exchange Commission announced today that 17 companies - compared to nine under an initiative launched last year - have already agreed to participate in a new pilot program to use interactive data in their financial statement filings.
The companies will help the agency explore how new Internet based reporting technologies can improve the financial reporting process for investors, financial intermediaries, the SEC, and the companies themselves.
The pilot program will simultaneously enable the participant companies to determine the benefits of using interactive data, provide feedback to the Commission, and enable investors and analysts to assess new techniques for analyzing interactive data reports submitted to the SEC in the eXtensible Business Reporting Language (XBRL) format.
SEC Chairman Christopher Cox said, "We're very excited about advances in financial reporting using Internet technologies, and very pleased at the range of industries represented by our volunteer test group. As pioneers in the use of interactive data and XBRL, their leadership will help shape how these technologies will be employed."
The 17 members of the 2006 test group are:
Altria Group, Inc.
Brazilian Petroleum Corporation
Bristol-Myers Squibb Company
The Dow Chemical Company
Gol Intelligent Airlines, Inc.
Infosys Technologies Limited
Mobile Reach International, Inc.
Net Servicos De Comunicacao SA
Old Mutual Capital, Inc.
R.R. Donnelley & Sons Company
South Financial Group, Inc.
United Technologies Corporation
XM Satellite Radio Holdings, Inc.