Source: Edgar Online
Edgar Online (NASDAQ:EDGR) announced today that its I-Metrix platform fully supports the recently-released, next generation set of U.S. GAAP XBRL data tags, which improve the communication of business and performance data.
This upgrade coincides with the public release of the new XBRL standard announced today by the U.S. Securities and Exchange Commission (SEC) Chairman Christopher Cox at the 16th International XBRL Conference in Vancouver, Canada. EDGAR Online has already started producing data using the new XBRL criteria including the company's own 10-Q filing which will be submitted to the SEC's XBRL Voluntary Filing Program.
I-Metrix provides a quick and accurate XBRL solution to companies who want to submit their SEC filings in XBRL format. EDGAR Online, in conjunction with partner, RR Donnelley, has streamlined the process of applying the XBRL data standard to a corporation's existing financial statements and optimized the output to take advantage of the new structure. These XBRL documents can also be viewed and rendered using I-Metrix tools.
"Many organizations are interested in transitioning their financial reporting to the XBRL standard but don't know where to begin," said Philip Moyer, CEO of EDGAR Online. "Our flexible I-Metrix infrastructure gives us tremendous agility, ensuring that we keep lock step with new XBRL versions as they are released. And our relationship with RR Donnelley enables us to provide a cost-effective solution to firms interested in demonstrating financial leadership by making their initial submission of XBRL data to the SEC."
"XBRL International applauds EDGAR Online for being part of our global effort to improve the efficiency and utility of business reporting by creating XBRL solutions that assists in the adoption and use of XBRL," said Tony Fragnito, CEO of XBRL International, the not-for-profit consortium that governs the XBRL standard.