IDEA to Replace EDGAR for Company Filings

The Securities and Exchange Commission Chairman recently announced that EDGAR will be replaced with a new system called IDEA offering “investors far faster and easier access to key financial information about public companies and mutual funds.”
From the press release:

The new system is called IDEA, short for Interactive Data Electronic Applications. Based on a completely new architecture being built from the ground up, it will at first supplement and then eventually replace the EDGAR system. The decision to replace EDGAR marks the SEC’s transition from collecting forms and documents to making the information itself freely available to investors to give them better and more up-to-date financial disclosure in a form they can readily use.