Infosys logs on to SEC experiment

Chennai, March 30 | Updated: Mar 31 2006, 05:30am hrs
Infosys Technologies has joined the league of big multinationals to participate in a new pilot programme launched by the Securities and Exchange Commission (SEC) of the US to use interactive data in their financial statement filings.

In a communication on Thursday, SEC said that 17 companies, compared to nine companies under an initiative launched last year, have agreed to participate in this programme. These companies will help the agency explore how new internet-based reporting technologies can improve the financial reporting process for investors, financial intermediaries, the SEC and the companies themselves.

The pilot programme 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 analysing interactive data reports submitted to the SEC in the eXtensible Business Reporting Language (XBRL) format.

The 17 companies include, Infosys Technologies, Microsoft Corporation, 3M Company, Altria Group Inc, Brazilian Petroleum Corporation, Bristol Myers, Squibb Company, The Dow Chemical Company, Gol Intelligent Airlines Inc, Mobile Reach International Inc, Net Servicos de Comunicacao SA, SA Old Mutual Capital Inc, Pfizer, RR Donnelley & Sons Company, South Financial Group Inc, United Technologies Corporation, Xerox Corporation and XM Satellite Radio Holdings Inc.