âWith this vote today the SEC moved financial transparency in the United States from analog to digital. The SEC was created in 1934 in the face of the depression and one of its first acts was to require companies to report to their shareholders. With the markets today in need of increased transparency, we believe this vote is as significant to 21st century investors as that first vote was to the early public market participants,â said Philip Moyer, President and CEO of EDGAR Online.
âAs mentioned by Chairman Cox in his comments today, EDGAR Online has been a significant public advocate of XBRL and its potential to help rebuild investor confidence across all asset classes including equities, mutual funds and asset-backed securities,â Moyer added. âXBRL already serves as the backbone of our business and the announcement today solidifies our direction. We deliver a number of XBRL data products and solutions including XBRL enabled financial data and tools, and through our relationship with RR Donnelley, have the top XBRL conversion and filing solution for companies that have participated in the SECâs XBRL Voluntary Filing Program.â
âXBRL provides public companies a new way to promote greater transparency in the capital markets by using a global data standard that millions of investors and analysts can access,â said Tom Juhase, President of RR Donnelleyâs Financial Services offering. âOur solution with EDGAR Online enables companies to file XBRL content with the SEC in as little as a few hours through a very cost-effective, benefits-driven solution.â
RR Donnelley and EDGAR Online have collaborated to deliver XBRL filing solutions to corporations since 2005 and are the industry leaders providing this service. Both companies are members of the XBRL consortium and have a long history of supporting the XBRL standard. RR Donnelley's leading EZ Start XBRL solution leverages EDGAR Onlineâs premier XBRL data creation and processing technology.