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EDGAR database to become IDEA

The SEC announced that they will be replacing the EDGAR database with a new system called IDEA. The press release link contains a video discussing the benefits of the new system. The SEC states:

The new system is called IDEA, short for Interactive Data Electronic Applications. Based on a completely new architecture being built from the ground up, it will at first supplement and then eventually replace the EDGAR system. The decision to replace EDGAR marks the SEC’s transition from collecting forms and documents to making the information itself freely available to investors to give them better and more up-to-date financial disclosure in a form they can readily use.

Thanks to beSpacific and Lex Scripta for the “heads up.”

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