21st Century Disclosure Initiative: Report of the 21st Century Disclosure Initiative

21st Century Disclosure Initiative: Report of the 21st Century Disclosure Initiative: "The 21st Century Disclosure Initiative has delivered a report to the Commission setting out a blueprint for a modernized disclosure system. The discussion, analysis, and recommendations in the report are exclusively those of the 21st Century Disclosure Initiative staff, and do not represent the views of the Commission or any of its divisions or offices.
The report recommends that the Commission design and implement a new disclosure system in which interactive data would replace plain-text disclosure documents. Instead of drafting and transmitting ASCII- or HTML-formatted documents based on complex forms, filers would submit interactive data corresponding to the components of required disclosure."

This is an important report, moving the system towards a data oriented method of filing and away from the forms based method. It is centered on a system that would involve use of XBRL for all SEC filings.