The Securities and Exchange Commission (SEC) is asking for public comments on an information collection regarding "Interactive Data" under both the Securities Act of 1933 and the Securities Exchange Act of 1934. This data collection requires companies to submit financial data in the XBRL format to make it easier for investors to analyze the information. The SEC estimates that around 8,218 companies will submit an average of 4.5 responses each year, totaling approximately 36,981 submissions annually. Public comments on this initiative are welcome until May 27, 2025.
Simple Explanation
The Securities and Exchange Commission (SEC) wants to hear what people think about a rule where companies have to share their money information in a special computer language called XBRL so that everyone can easily understand it; they expect to hear from lots of companies by May 27, 2025.