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Will IT's Next Mission Be Opening The Books?


By Eileen Colkin
InformationWeek
February 11, 2002 12:00 AM (From the February 11, 2002 issue)

Faint cries for real-time financial disclosures by public companies aren't so faint anymore. As the Enron scandal grew last week, politicians and government leaders called for new ways for companies to provide financial data.

Securities and Exchange Commission chairman Harvey Pitt told a House subcommittee last week that real-time disclosure of certain financial information should be mandatory. He also recommended requiring more clarity in and faster turnaround on quarterly and annual reports. Companies currently have 45 days from a quarter's end to release results. Meanwhile, U.S. Sen. Jean Carnahan, D-Mo., proposed a bill that would mandate the electronic filing of financial data to the SEC and give it 90 days to improve its infrastructure for the change.

Some companies aren't waiting for Washington. Outdoor equipment maker Murray Inc. in Brentwood, Tenn., is running Cognos financial-planning software to make reporting faster and more accurate by automating passing accounting numbers across divisions. "If there are going to be changes," says Rose Melillo, financial-systems manager at Murray, "we're ready."



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