CoreFiling CEO Asks ''Will Investor Relations Shine in the Age of
Interactive Data?''
NEW YORK (Business Wire EON) May 14, 2008 --
Today’s SEC draft ruling requires that the
approximately 500 largest registrants who file in US GAAP furnish their
accounts to the SEC in XBRL (eXtensible Business Reporting Language)
format in Q1 2009. The remainder of SEC filers will then need to provide
their financial statements in XBRL format over the following two years,
including all filers that use IFRS.
The announcement marks a significant milestone in the progress of a
technology designed not only to simplify business and financial
reporting, but also to ensure more effective communication amongst the
business and investor community. “Companies
need to think about interactive data as a communications tool, not as a
compliance burden” says John Turner, CEO of
CoreFiling and Chairman of the XBRL International Standards Board.
“There is a natural tendency to panic about a
new compliance measure. Companies would be far better served by
concentrating instead on the fact that what the SEC is trying to do is
ensure that market participants are better informed. Companies should
look at this initiative as a new vector for investor communications, not
as a compliance measure.”
XBRL, or interactive data, is often described as ‘barcodes
for financial statements’, but the gradual
shift from paper-based to XBRL-based financial reporting is also
analogous to the arrival of digital photography: the same information is
being communicated, just in a far more usable format.
“In approaching the SEC’s
proposals, companies should think hard about how they manage the process
of producing their XBRL documents, with direct, unambiguous
communication always at the heart of their plans”,
continues Turner.
“Of course, they need to ensure that they are
comparable to their peers in the market place, but at the same time they
need to communicate the unique aspects of their business to investors.
XBRL lets companies do both and the spirit and the letter of the SEC’s
draft ruling encourages this mindset.”
“XBRL filing is a powerful and individual
corporate communication tool that allows companies to disseminate their
performance information and convey their investment messages in an
extremely direct manner.“
“Companies that think about XBRL as a new
ally in their investor relations effort will focus on the content of
their XBRL “extension”
taxonomies – company specific dictionaries
that define the unique aspects of their performance story. CFOs and IROs
that think about this change strategically will really benefit down the
line.”
“We encourage companies to learn about XBRL
with investors in mind. To help out, CoreFiling’s
taxonomy builder, SpiderMonkey, which is the platform on which the US
GAAP taxonomy was built, is available in a free personal version that
lets accountants define company-specific extension taxonomies,”
concludes Turner.
About CoreFiling
CoreFiling (www.CoreFiling.com)
is a privately held company which specializes in XBRL products and
consultancy, known for its high quality modelling, data validation and
development services. It serves filers, regulators, exchanges and the
financial community and is a service provider for US SEC registrants
that furnish their financials to the SEC in XBRL format. CoreFiling's
major shareholders include Business Wire, the global leader in financial
news distribution, a wholly-owned subsidiary of Berkshire Hathaway, and
DecisionSoft, the world's premier XBRL components vendor.
Mr Turner, who sits on the Board of XBRL International and Chairs the
XBRL International Standards Board is available for media enquiries.
Post Comment:
Trackback URL: http://eon.businesswire.com/pingpr.php/SW5zZS1GYWx1LVpldGEtSW5zZS1DcmFzLVplcm8=
Bookmark -
Del.icio.us |
Digg |
Furl It |
Spurl |
RawSugar |
Simpy |
Shadows |
Blink It |
My Web
|
