The U.S. Securities and Exchange Commission announced today that 17 companies have agreed to participate in a new pilot program to use interactive data in their financial statement filings.

The 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 program will also enable companies to determine the benefits of using interactive data, provide feedback to the commission, and enable investors and analysts to assess new techniques for analyzing interactive data reports submitted to the SEC in the eXtensible Business Reporting Language (XBRL) format. The SEC has also guaranteed test participants expedited reviews of registration statements and annual reports.

SEC Chairman Christopher Cox said, “We’re very excited about advances in financial reporting using Internet technologies, and very pleased at the range of industries represented by our volunteer test group. As pioneers in the use of interactive data and XBRL, their leadership will help shape how these technologies will be employed.”

The 17 members of the 2006 test group are: 3M Company; Altria Group Inc.; Brazilian Petroleum Corporation; Bristol-Myers Squibb Company; The Dow Chemical Company; Gol Intelligent Airlines Inc.; Infosys Technologies Limited; Microsoft Corporation; Mobile Reach International Inc.; Net Servicos De Comunicacao SA; Old Mutual Capital Inc.; Pfizer Inc.; R.R. Donnelley & Sons Company;
South Financial Group Inc.; United Technologies Corporation; Xerox Corporation; and XM Satellite Radio Holdings Inc.