“SEC Pilot Program Gets 17 Test Subjects”

Sounds smart, but what do corporate paralegals think?

"The Securities and Exchange Commission (SEC) has convinced 17 companies to participate in a new pilot program to use interactive data in their financial statement filings—compared to nine under an initiative launched last year. 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."