Christopher Cox, the chairman of the Securities Exchange Commission, confirmed this week that the US watchdog had completed work on developing data tags for the entire US GAAP accounting system.
The tagging of data, using the XBRL computer language, allows investors and analysts to pull out the precise data they need from hundreds of financial reports directly into spreadsheets and web tools.
The tagged data is interactive and allows users to make instant financial comparisons across industries.
'This is a great step toward making SEC reporting easier for registrants and easier to understand for every investor,' said Cox.
The US GAAP tagging project is part of the SEC's aim to convert its vast database of information, known as EDGAR, into an interactive format.
For more than two years, the SEC has permitted public companies to file their financial reports with the agency in interactive data format, as part of a pilot program.
Recently, the market capitalisation of companies participating in the voluntary program topped $2 trillion (£1 trillion).
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