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# XBRL - Voluntary Financial Reporting on the EDGAR System

Data tagging, in formats like XBRL or “eXtensible Business Reporting      Language,” is gaining popularity as a way to enhance financial      reporting.

By using computer codes to "tag" different kinds of data in      financial reports, the information companies file with the Commission can      be made much easier to find and analyze. For example, specific items in a      financial statement, such as net income or gross sales, are given      computer-readable labels. At the same time, the task of preparing the      reports can be automated for the companies who file them.

Interactive data relies on standard definitions to "tag"      various kinds of information, turning SEC financial reports that have      previously been text-only into documents that can be retrieved through      computer searches, and analyzed in a variety of spreadsheet programs and      analytical software. The data can also be more readily used to compare      companies’ financial performance, and better identify “outliers”      that could represent attractive investment opportunities – or increased      risk of misstatements or fraud.

The use of interactive data, if widely adopted, could dramatically      enhance the usefulness of reported financial information. Consumers of the      data would be able to use it more easily and effectively. Potentially,      computer-tagged data could provide real-time operational information for      business managers. And its instant availability could dramatically      streamline and accelerate the collection and reporting of that same      financial information to the SEC and the public.

On February 3, 2005, the SEC adopted rule amendments formally      establishing the XBRL Voluntary Program. This new program allows for the      voluntary submission of XBRL documents as exhibits to certain periodic      reports and investment company act filings. For now, this is a voluntary      program, to allow filers, the SEC, and the users of SEC reports to test      the process. For filers, this means an opportunity to assess the benefits      and costs of using interactive data. For the SEC, it means evaluating the      Commission's ability to process and store documents in Extensible Business      Reporting language, or XBRL -- the computer language used in the SEC pilot      program that makes interactive data possible. For users of SEC reports, it      will afford an opportunity to consider the value added from interactive      data, as well as to pilot various software applications to take advantage      of the new flexibility in using the information.

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