More Companies Join SEC's Program to Use Interactive Data for Financial Statements
FOR IMMEDIATE RELEASE
Washington, D.C., June 20, 2006 - The Securities and Exchange Commission announced today that Automatic Data Processing, Inc., Ford Motor Company, Ford Motor Credit Company, and Radyne Corporation have agreed to participate in the pilot program to use interactive data in their financial statement filings. The pilot program will simultaneously enable the participant companies to determine the benefits of using interactive data, provide feedback to the Commission, and enable investors and analysts to assess new techniques for analyzing interactive data reports submitted to the SEC in the eXtensible Business Reporting Language (XBRL) format.
SEC Chairman Christopher Cox said, "As the number of companies voluntarily submitting interactive data continues to grow, it's obviously becoming clear that making information available to investors in a more useful way is also cost effective."
The announcement of the latest participants in the interactive data test group comes on the heels of the Commission's first in a series of roundtable discussions on interactive data held on June 12th at the Commission's Station Place headquarters in Washington, D.C. At that event, industry leaders representing analysts, individual investors and preparers of information discussed how interactive data could be used to improve the investment decision making process and expand the reach of analyst coverage.
For participants in the test group, the Commission has offered to expedite processing of registration statements or annual reports that may be selected for review. Additional companies interested in joining the test group should visit the interactive data spotlight page at http://www.sec.gov/spotlight/xbrl.htm or contact Jeffrey Naumann in the Office of the Chief Accountant (email@example.com) or Brigitte Lippmann in the Division of Corporation Finance (firstname.lastname@example.org) for additional information.
The current list of companies that have committed to furnish their financial information with the SEC using interactive data now includes
- 3M Company
- Altria Group, Inc.
- Automatic Data Processing, Inc.
- Banco Itaú Holding Financeira S.A.
- Brazilian Petroleum Corporation (a/k/a Petrobras SA)
- Bristol-Myers Squibb Company
- Crystal International Travel Group, Inc.
- The Dow Chemical Company
- Ford Motor Company
- Ford Motor Credit Company
- General Electric Company
- Gol Intelligent Airlines, Inc.
- Infosys Technologies Limited
- Microsoft Corporation
- Net Servicos De Comunicacao SA
- Old Mutual Capital, Inc.
- PepsiCo, Inc.
- Pfizer, Inc.
- R.R. Donnelley & Sons Company
- Radyne Corporation
- South Financial Group, Inc.
- United Technologies Corporation
- Xerox Corporation
- XM Satellite Radio Holdings, Inc.