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Wednesday, October 24, 2007|
OppFunds Reports an XBRL First
OppFunds has filed made its first filing with the SEC using XBRL. The company filed data for its Oppenheimer Main Street Small Cap Fund.
OppenheimerFunds, Inc. (OFI), a leading asset management company, announced today that it has filed risk/return data for Oppenheimer Main Street Small Cap Fund with the Securities and Exchange Commission (SEC) using XBRL (eXtensible Business Reporting Language) data-tagging technology, its first filing under the SEC's voluntary XBRL program.
XBRL is a computer software language that can be used to electronically mark or “tag” financial and other data so that investors can more easily locate a fund’s investment objectives, strategies, risks, costs and historical performance, among other information, and compare that information side-by-side with other funds’ information. OppenheimerFunds was part of the Investment Company Institute (ICI) working group that developed the "taxonomy" to be used in the voluntary program for tagging the "risk/return" section of mutual fund prospectuses. The ICI XBRL working group relied on the joint efforts of industry professionals with legal, accounting and technical skills, along with PricewaterhouseCoopers, to develop that standard. In June, the SEC voted unanimously to allow mutual funds to submit prospectus risk/return data using the ICI taxonomy beginning August 20th. The SEC has encouraged fund groups to participate in the voluntary program, which is intended to help the SEC evaluate the taxonomy and its usefulness to investors, third-party analysts, registrants and the Commission.
“OppenheimerFunds is committed to utilizing new technology to be at the forefront of meeting changing regulatory requirements,” said Marty Korn, SVP, Applications and Architecture. “While we used manual tagging for this initial test filing, we anticipate converting to push-button tagging within our automated document publishing system in the near future. We fully support the SEC’s goal of creating a more interactive standard which can give advisers and investors easy and immediate access to investment information,” said Korn.
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