Business Wire Supports Securities and Exchange Commission on Move
Towards Interactive Data (XBRL)
Only newswire to offer proprietary in-house XBRL solutions
NEW YORK (Business Wire EON) May 14, 2008 --
Business Wire strongly supports the SEC's proposal announced Wednesday
for the phased-in adoption of the XBRL corporate reporting standard, an
initiative that promises to introduce the benefits of interactive data
to a broader investor audience.
Today's SEC proposal
calls for the gradual implementation of XBRL, with the largest U.S. GAAP
filers (defined as those with a worldwide public float over $5 billion)
submitting XBRL versions of financial reports to the SEC's EDGAR system
for fiscal periods ending in late 2008.
If adopted, the first interactive data provided under the new rules
would be made public in early 2009. The remaining companies using U.S.
GAAP would provide this disclosure over the following two years.
Companies using International Financial Reporting Standards (IFRS) as
issued by the International Accounting Standards Board would provide
this disclosure for fiscal periods ending in late 2010.
As the only commercial newswire with its own in-house proprietary XBRL
solutions, Business Wire is uniquely positioned to help corporate
issuers make the switch to interactive regulatory filings and news
delivery.
Business Wire formed CoreFiling in 2005, in association with UK-based
DecisionSoft, the world's premier XBRL components vendor. CoreFiling (www.corefiling.com)
provides a range of expert consultation and implementation services to
regulatory agencies and listed companies worldwide.
Several blue-chip companies participating in the SEC Voluntary Filing
Program have already utilized Business Wire's XBRL services. Business
Wire's SEC submissions include tagged 10-Q or 10-K data in XBRL format
and/or earnings releases in XBRL format.
In addition to regulatory filings, Business Wire's patented NX news
delivery platform is capable of transmitting XBRL-enabled documents,
e.g. earnings statements, to the global media and investment community,
simultaneously and in real-time.
"Interactive data represents a giant step forward for investor relations
professionals, who are now able to tell their story directly and
precisely, in a language that is universally accepted," said Michael
Becker, Business wire's vice president, global disclosure services. "The
result is greater transparency, and more efficient markets."
About Business
Wire
Business Wire, a Berkshire
Hathaway company, is utilized by thousands of member companies and
organizations to transmit their full-text news releases, regulatory
filings, photos and other multimedia content to journalists, news media,
trade publications, institutional and individual investors, financial
information services, regulatory authorities, Internet portals,
information web sites, business-to-business decision-makers and
consumers worldwide. With a news
distribution network spanning 150 countries and 45 languages,
Business Wire's multi-channel delivery network has access to dozens of
international and national news agency networks throughout the Americas,
Europe, Asia, the Middle East and Africa.
The Business Wire news network is powered by its patented
NX high-speed data platform and supports XML, XHTML and XBRL code to
deliver the most sophisticated news file to enhance news release
interactivity, customization and search engine optimization. Business
Wire has 31
bureaus in cities including New York, San Francisco, Los Angeles,
Chicago, Boston, Miami, Paris, Frankfurt, London, Brussels, Tokyo,
Toronto and Sydney with reciprocal offices throughout the world.
Business Wire was founded in 1961.
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