The partnership will enable public issuers, including inter-listed companies, to meet phase one of the U.S. Securities and Exchange Commissionâs (SEC) proposed mandate for submitting financial information as interactive data, starting Q1 2009.
âCNW Group and EDGARÂ® Onlineâs relationship will allow public companies to proactively respond to the anticipated increase in the worldwide use of interactive data,â said Melanie Kurzuk, Senior Vice President, News and Information Technology Division. âEDGARÂ® Onlineâs I-Metrix Xcelerateâ¢ platform and processing expertise will enable CNW Group to eliminate the need for manual tagging. As with our current SEDAR and EDGAR services, public companies have to simply call us and we take care of the rest.â
âIn addition to supporting issuersâ need to meet the SECâs proposal, CNW Group is also ready to assist companies who want to participate in the Canadian Securities Administrators XBRL voluntary filing program to keep pace with their peers in the U.S.,â said Kurzuk. âOur robust interactive data tagging solution will handle multiple accounting standards including U.S. Generally Accepted Accounting Standards (GAAP), Canadian GAAP and International Financial Reporting Standards (IFRS). This will be of great benefit to all Canadian companies who are required to move to IFRS accounting standards by 2011.â
EDGARÂ® Online, Inc. is a founding member of the XBRL consortium and a leading expert and leading developer of XBRL tagged data and delivers a broad spectrum of data and solutions based on XBRL technology. The I-Metrix Xcelerateâ¢ platform uses an automated rules-based processing engine to convert financial data into XBRL. As a result, information is translated quickly and with the highest possible accuracy levels.
Philip Moyer, President and CEO of EDGARÂ® Online, stated, âWe are delighted to partner with CNW Group in offering public companies a fully automated XBRL compliance solution. Over the past several years EDGARÂ® Online has concentrated its resources on developing our I-Metrix Xcelerateâ¢ platform and are confident that we have the most cost-effective, automated, and scalable process for converting company financials into XBRL.â
âAs a result of our partnership, CNW Group now has a robust solution for simple, fast and accurate tagging of fundamental financial data under the SEC proposal,â said Tom Enright, President and CEO, CNW Group. âOur partnership with EDGARÂ® Online is indicative of our ongoing commitment to staying ahead of trends and regulatory changes affecting publicly traded companies.â