SEC adds e-filing pilot programme participants
21 June 2006 | 1852 views | 0
The Securities and Exchange Commission announced today that Automatic Data Processing, Inc., Ford Motor Company, Ford Motor Credit Company, and Radyne Corporation have agreed to participate in the pilot program to use interactive data in their financial statement filings.
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, "As the number of companies voluntarily submitting interactive data continues to grow, it's obviously becoming clear that making information available to investors in a more useful way is also cost effective."
The announcement of the latest participants in the interactive data test group comes on the heels of the Commission's first in a series of roundtable discussions on interactive data held on June 12th at the Commission's Station Place headquarters in Washington, D.C. At that event, industry leaders representing analysts, individual investors and preparers of information discussed how interactive data could be used to improve the investment decision making process and expand the reach of analyst coverage.
For participants in the test group, the Commission has offered to expedite processing of registration statements or annual reports that may be selected for review.
The current list of companies that have committed to furnish their financial information with the SEC using interactive data now includes:
Altria Group, Inc.
Automatic Data Processing, Inc.
Itaú Holding Financeira S.A.
Brazilian Petroleum Corporation (a/k/a Petrobras SA)
Bristol-Myers Squibb Company
Crystal International Travel Group, Inc.
The Dow Chemical Company
Ford Motor Company
Ford Motor Credit Company
General Electric Company
Gol Intelligent Airlines, Inc.
Infosys Technologies Limited
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.