In America, the Securities and Exchange Commission voted in December to require the use of interactive data for financial reporting.\u00a0 By \u201cinteractive data,\u201d the SEC is referring to unique computer recognizable tags which make large amounts of information, like SEC filings, searchable by investors and by search engines on the Internet.<\/p>\n
No change of this magnitude comes with an instant-on time frame.\u00a0 Indeed, there is a phased-in schedule that begins with the largest US companies being required to use the new interactive data in their first quarterly report that ends on or after June 15, 2009.\u00a0 So, for companies using a traditional calendar year, their second quarter filing for 2009 would be required to make use of the interactive data format.\u00a0 The next wave of publicly traded companies would have a June 15, 2010 deadline.\u00a0 Mutual fund companies (and others) are required to follow suit beginning in 2011.<\/p>\n
IDEA \u2013 Interactive Data Electronic Applications<\/strong><\/p>\n The new reporting system is called Interactive Data Electronic Applications, or IDEA,\u00a0 in a futile attempt to somehow force a positive sounding acronym from the new reporting mechanism.\u00a0 To ensure the system is ready to go, the SEC has a voluntary program where some companies are already using the IDEA system.\u00a0 Investors can access the system at idea.sec.gov.<\/p>\n Investor Relations\u2019 New IDEA?<\/strong><\/p>\n Regardless of whether a company is in the first wave of publicly traded corporations to be required to use interactive data and IDEA, it will be important for IR to be ready following the June 15, 2009 transition date.\u00a0 As many professionals in investor relations are aware, a large part of the population seem at times to only read or grasp headlines without properly grasping all the salient details that accompany them.\u00a0 Thus, when the masses hear a news story about the new SEC mandated interactive reporting system going live, it isn\u2019t a stretch to assume that they\u2019ll be pounding on the IR web pages of companies all over the Internet.<\/p>\n What Investor Relations Can Do For IDEA:<\/span><\/strong><\/p>\n A few easy proactive steps can save the company IR department countless hours of unnecessary emails and phone calls (though that can\u2019t be fully eliminated) as well as give the impression of being forthcoming regarding a high visibility regulatory change.\u00a0 Make plans now to go live with content and links in early June when the first news outlets start reminding investors to \u201clook for\u201d the new reporting methodology.\u00a0 Have additional material ready to go as well if the original content isn\u2019t properly handling the influx of the curious.<\/p>\n A little action now, and a week or two of rushing and stumbling can be avoided.<\/p>\n","protected":false},"excerpt":{"rendered":" In America, the Securities and Exchange Commission voted in December to require the use of interactive data for financial reporting.\u00a0 By \u201cinteractive data,\u201d the SEC is referring to unique computer recognizable tags which make large amounts of information, like SEC filings, searchable by investors and by search engines on the Internet. No change of this […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[9,3,26],"tags":[8246,41,1140,75,1141],"class_list":{"0":"post-3405","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-best-practices","7":"category-investor","8":"category-shareholders","9":"tag-best-practices","10":"tag-corporate-website","11":"tag-idea","12":"tag-investor-relations","13":"tag-reporting","14":"entry"},"yoast_head":"\n\n