By Cydney Posner

The SEC announced today that it intends to "revolutionize" its electronic disclosure system, replacing the 20-year old EDGAR system with an interactive digital search tool, XBRL. Click here. Chairman Christopher COX, who has been promoting a move to XBRL since he joined the SEC, said that he expects the new system to be available in a year or so. Once the new system has been fully implemented, it will become mandatory. He expects that the costs related to filing will be reduced by approximately 37% and that the ease of the new system will encourage greater analyst coverage for smaller companies. The SEC is also developing new software for its own website (which is currently virtually useless).

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