CNW Solutions for Public Companies Enhanced to Include Automated Process for Converting Public Company Financials into XBRL

8 July 2008

CNW Group, Canada's largest news and information distribution service for professional communicators, today announced it has partnered with EDGAR® Online Inc. (NASDAQ: EDGR). Working together, they will offer public companies an automated, cost-effective solution that converts company financial information into interactive data, also known as eXtensible Business Reporting Language (XBRL).

The partnership will enable public issuers, including inter-listed companies, to meet phase one of the U.S. Securities and Exchange Commission’s (SEC) proposed mandate for submitting financial information as interactive data, starting Q1 2009.

“CNW Group and EDGAR® Online’s relationship will allow public companies to proactively respond to the anticipated increase in the worldwide use of interactive data,” said Melanie Kurzuk, Senior Vice President, News and Information Technology Division. “EDGAR® Online’s I-Metrix Xcelerate™ 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.”

“In addition to supporting issuers’ need to meet the SEC’s 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.,” said Kurzuk. “Our 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.”

EDGAR® 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 Xcelerate™ 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 EDGAR® Online, stated, “We are delighted to partner with CNW Group in offering public companies a fully automated XBRL compliance solution. Over the past several years EDGAR® Online has concentrated its resources on developing our I-Metrix Xcelerate™ platform and are confident that we have the most cost-effective, automated, and scalable process for converting company financials into XBRL.”

“As 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,” said Tom Enright, President and CEO, CNW Group. “Our partnership with EDGAR® Online is indicative of our ongoing commitment to staying ahead of trends and regulatory changes affecting publicly traded companies.”

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development