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08.20.08 The Big IDEA At The SEC  By Neville Hobson The US Securities and Exchange Commission (SEC) has been the focus of a lot of attention lately. Last month, the SEC announced new guidance in using traditional websites and social media channels as legitimate means for companies listed on US stock exchanges to communicate with investors and others. That announcement will have a far-reaching impact on how organizations communicate, not only listed companies (I've outlined some reasons why I think so). It's not the death of the press release, as some would advocate; it's more to do with an evolution in how news and other information is communicated. The distribution, especially, will change. While that news is still being analyzed, an announcement yesterday from the SEC is, in my view, no less far reaching.  In a press conference that was webcast live - the recording is available - SEC Chairman Christopher Cox (pictured above) presented IDEA, a pretty good acronym for Interactive Data Electronic Applications.
During the course of the next three years, IDEA will replace EDGAR, the SEC's 1980s-era computer system for filing documents electronically. For the first time, it will provide the means for anyone with an internet connection - investors, financial analysts, anyone - to more easily find, analyze and extract data and other financial information about US-listed companies held by the SEC. It's also clear support for XBRL in financial reporting and information analysis. Maybe this is XBRL's tipping point. The SEC's press release has the details and there is plenty of commentary and opinion. Of equal interest to me was the prominent role social media played in yesterday's event. To start with, the SEC has a Twitter account - SEC_Investor_Ed - and posted some comments during the press conference as this screenshot from Summize Twitter Search shows:  Continue reading this article. About the Author: Neville Hobson is the author of the popular NevilleHobson.com blog which focuses on business communication and technology. Neville is a UK-based communicator, blogger and podcaster. He helps companies use effective communication to achieve their business goals. Visit Neville Hobson's blog: NevilleHobson.com. |
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