Business Wire signed a deal to use EDGAR Online’s technology to create and produce extensible business reporting language (XBRL) filings to help its customers satisfy SEC reporting requirements, according to an EDGAR Online news release.
A provider of news release distribution and regulatory disclosure services, Business Wire handles XBRL tagging, document formatting and regulatory filing for its clients.
In a statement, Business Wire Chairman and CEO Cathy Baron Tamraz said her company looked at several XBRL technology options and found that EDGAR Online’s services best meet the needs of Business Wire’s clients.
XBRL is a language for electronic communication of business data that tags each item with information about various attributes. XBRL-tagged data is easily transferred between computers because it can be read by any software that includes an XBRL processor.
Business and financial information provider EDGAR Online will supply Business Wire with access to its hosted Xcelerate taxonomy service, which will support the creation of XBRL instance documents for filing to the SEC.
EDGAR Online Chief Marketing Officer Dave Frankel said Xcelerate is a service the company previously had used only internally.
In 2009, the SEC began gradually phasing in a requirement that public companies submit XBRL versions of their filings to the SEC. The 500 largest U.S. public companies and foreign private issuers were required to file in XBRL in June of 2009; smaller companies had to provide XBRL filings beginning in 2010 or 2011, depending on their size and filing status.
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