The company continues to extend the leadership position achieved in 2009, with 35% market share for XBRL-mandated tagging and the highest SEC validation rate in the industry. Now, with an additional $12 million in new capital funding, “we’re at the heart of a great, world-changing opportunity,” said CEO Philip Moyer.
SEC REQUIRES COMPANIES TO USE NEW DATA STANDARD
In 2009 the U.S. Securities and Exchange Commission ruled that any company that sells stock to U.S. investors must file their annual and quarterly reports in a new data format called XBRL. The eXtensible Business Reporting Language is an open standard that turns financial statements into computer-readable “interactive data.” The phased-in mandate started in 2009 with the top 500 largest companies. Approximately 1,500 more start filing XBRL data in 2010. Next year, all public companies will file interactive data.
ACCURACY IS THE CRITICAL TEST
“There is a good deal of misinformation circulating about the quality of XBRL produced by various vendors,” says Moyer, and the entire industry watched closely as the first wave of XBRL reports began arriving at the SEC – the final judicator of the accuracy of the XBRL translations.
Since the SEC’s mandate kicked in, EDGAR Online has submitted more filings to the SEC than any other provider – and all have been free of any error. “We are very proud of the fact that EDGAR Online’s XBRL filings consistently pass the SEC’s high levels of quality and validation checks and that we have completed another peak filing season without a single customer having to file an amendment,” said Moyer.
Congratulating the members of EDGAR Online’s Xcelerate team, Moyer praised them for having…”pulled off a herculean effort with unmatched levels of quality, volumes and timing – making many months of hard work, preparation and investment pay off for EDGAR Online, for our collaborator RR Donnelley, and for the entire financial reporting industry.”
By November, the team had reached the milestone of creating over 1,000 XBRL translations, for clients.
This and more was discussed during the February 10th conference call to release 4th Quarter 2009 results. You can listen to the complete archived event here.
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