On September 25, 2006, the U.S. Securities and Exchange Commission (SEC) announced the roadmap to bring interactive data or XBRL to the SECâs EDGAR (Electronic Data Gathering and Retrieval) System. EDGAR Online (Nasdaq: EDGR) currently subscribes to a real-time feed of data from that system and has already adopted XBRL and interactive data technologies as a data delivery standard in its proprietary I-Metrix products.
The changes that the SEC is undergoing will enable the EDGAR System to accept XBRL documents from companies and allow the general public to view XBRL documents and provide companies with the necessary classifications to accurately describe their businesses. XBRL, commonly referred to as Interactive Data, makes financial statements machine readable.
Susan Strausberg, President and CEO of EDGAR Online said, âThe changes to the EDGAR System will encourage wider adoption of XBRL. EDGAR Online has spent the last 5 years developing financial information services that present and analyze global public company financial statements in this format. Our expertise in translating company financial statements into XBRL is being utilized today by companies who are participating in the SECâs voluntary filing program. Our I-Metrix suite of products is relied upon by corporations, investors and consultants who recognize its superior accuracy and timeliness. This change will benefit our clients and our company tremendously.â
Kurt Ramin, Chairman of XBRL International said, âWe are very encouraged by Chairman Coxâs announcement. This is an important step in the movement toward global adoption of XBRL. EDGAR Online has been an important member of our organization and one of the more forward thinking data providers in choosing early adoption of the XBRL standard.â
EDGAR Online has been working closely with XBRL U.S. and has committed significant resources in research and development to become leaders in this new technology.