Infosys joins Securities and Exchanges commission's pilot programme
Bangalore, Mar 30 (UNI) Insian Software Major Infosys Technologies is among 17 companies which have agreed to participate in a new pilot programme of the Securities and Exchange Commission of the US to use interactive data in their financial statement filings.
The companies would help the Commission to explore how new Internet based reporting technologies could improve the financial reporting process for investors, financial intermediaries, the SEC, and the companies themselves.
The pilot programme would 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 analysing interactive data reports submitted to the SEC in the eXtensible Business Reporting Language (XBRL) format.
SEC Chairman Christopher Cox in a release issued from Washington said, "We're very excited about advances in financial reporting using Internet technologies, and very pleased at the range of industries represented by our volunteer test group. As pioneers in the use of interactive data and XBRL, their leadership will help shape how these technologies will be employed".
Besides Infosys others who had joined the initiative included 3M Company, Altria Group, Inc., Brazilian Petroleum Corporation, Bristol-Myers Squibb Company, The Dow Chemical Company, Gol Intelligent Airlines, Inc., Microsoft Corporation and Mobile Reach International, Inc.
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