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SEC Staff Briefing on Interactive Data

SEC Staff Briefing on Interactive Data. David M. Blaszkowsky, Director, Office of Interactive Disclosure 25 June 2008 IFRS-Europe XBRL Special Interest Session Amsterdam. Disclaimer.

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SEC Staff Briefing on Interactive Data

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  1. SEC Staff Briefing on Interactive Data David M. Blaszkowsky, Director, Office of Interactive Disclosure 25 June 2008 IFRS-Europe XBRL Special Interest Session Amsterdam

  2. Disclaimer • As a matter of policy, the Securities and Exchange Commission disclaims responsibility for the private statements of SEC employees. The views I am expressing today are solely my own, and do not reflect the views of the Commission, the Commissioners, or of any employees other than myself.

  3. Today’s discussion • Why it is important • What is the SEC proposing • How can Disclosure professionals get started

  4. P&L B-S List of Tags: IFRS or US-GAAP (Plus Footnotes) Δ’s “Tags” Add Data Structure to Financial Disclosures • Interactive Data adds meaning to financial data by “tagging ” business concepts with identity, and by providing context Mapping Tagging

  5. Business Managers Investors Analytics Mash-ups A Variety of Ways to View … And Use … Interactive Data √ √ √ √

  6. Progression of Interactive Data in the US 12/2006 First SEC XBRL Viewer 2005 Chairman Cox identifies XBRL as Strategic 2006-7 Roundtables, field work 9/2007 Release of Draft US GAAP Taxonomy 4/2008 Release of Final US GAAP Taxonomy • 2008 • Proposed Rules • Companies • Mutual Funds • Ratings 2002 Early SEC Analysis of XBRL 2005 SEC starts Voluntary Filing Program 9/2006 $54mm investment in XBRL, EDGAR modernization 7/2007 VFP Expands to Mutual Fund Risk/ Return 10/2007 Creation of SEC Office of Interactive Disclosure

  7. From XBRL to “Interactive Disclosure” • Keeping it all in context.. • XBRL is just a technology… • “Interactive Data” is a concept… • …”Interactive Disclosure” is about how to make what is disclosed easier to disclose, and easier/cheaper for investors to use • SEC “Office of Interactive Disclosure” • Design and manage Interactive Data-related projects that cross traditional disciplinary lines • Lead innovation, implementation of improved disclosure methods, including XBRL • Coordinate/collaborate internationally

  8. Filers/Corporations Process improvements and savings Easier/Faster compliance Better business analysis Better communication, visibility to investors Especially for mid/small-caps Buy-side “Faster, cheaper, better” As-reported, and complete No introduced errors More useful: Easier to ID, import, transform, analyze, apply “hi-tech” functionality Higher analyst productivity Improved comparability, especially globally Improved Market Efficiency Why is Interactive Data Important?

  9. Proposed Rule to Require Companies to Report Using Interactive Data • What will be required • Who and when • Important additional features

  10. What will be required • Content: • Primary financial statements • Notes • Financial statement schedules. • Certain company identifier information • Forms • Periodic Reports • Transition Reports • Registrations • Interactive data requirements would supplement, not replace, disclosures using HTML or ASCII • “Disclosure Neutrality”

  11. Proposed Phase-in Schedule What? Who? 30 day grace period, from the filing date of the related report, for the initial submission of interactive data Exhibit

  12. Important Provisions • Interactive Data will be provided in the form of a new exhibit • Must be posted to the Filer’s website, if it has one, at the same time it is provided to the SEC • Filers who do not provide interactive data exhibits on the date required would be deemed “not current” with Exchange Act reporting • Short-form Registration • Rule 144 • Companies can choose to begin to provide interactive data exhibits before they are required • Data in the interactive data file would be subject to liability similar to that of the voluntary filing program • Only limited liability • Standard for Viewer content

  13. What can I do now? • Use available resources to get smart on interactive data • IASB taxonomy • http://www.xbrl.us (list of tags, preparer’s guide) • http://www.sec.gov/spotlight/xbrl.shtml • Discuss and brief team: financial, legal, technical • Consult software and service providers • Many options, from DIY through outsourced • Tag and submit your financial information in interactive data • http://www.sec.gov/idsubmit.html - ready now • On EDGAR – late June • Comment on the proposed SEC rule • Rule proposal many questions for public comment • Public comment period will last for 60 days after its publication in the Federal Register

  14. Thank You • Contact Information for Questions • blaszkowskyd@sec.gov • 202-551-5359 • To Comment on the Proposed Rule, please go to SEC.gov

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