EDGR - update - according to a post on Yahoo!, Westminster Securities Corporation has today published an analyst report covering Norwalk, Connecticut-based EDGAR Online, Inc. with a "Buy" Investment Rating (upgraded from "Sell") and a Risk Rating of "Speculative."
finance.messages.yahoo.com
FROM PRIOR POST at 1/11/2006 5:53:48 PM
Quick EDGR follow-up - right after my last post, a brand "new" news story hit the wires from Reuters
SEC offers speedy reviews to companies in tech test
Wed Jan 11, 2006 05:15 PM ET
By Joel Rothstein
WASHINGTON, Jan 11 (Reuters) - The U.S. Securities and Exchange Commission on Wednesday said it will expedite reviews of registration statements and annual reports for companies that participate in a voluntary technology initiative.
Last February, the SEC began accepting financial filings on a voluntary basis to test an interactive data format called XBRL, or extensible business reporting language.
The SEC has said it hopes the new format will enhance users' ability to search the filings database, extract and analyze data, perform financial comparisons within industries and speed up the commission's review of filings.
Using a tagged financial filing, an analyst could easily transfer the data to a Microsoft Excel spreadsheet or similar analytical tool, rather than having to read the data in text form and retype the information, according to XBRL advocates Microsoft Corp.(MSFT.O: Quote, Profile, Research) , Morgan Stanley (MWD.N: Quote, Profile, Research) , PR Newswire and Reuters Group Plc (RTR.L: Quote, Profile, Research) (RTRSY.O: Quote, Profile, Research) , which have joined together to promote the new technology.
....
Here's the key quote, which happens to come from the EDGR rep:...."According to Robert Krugman, director of analytical solutions for EDGAR Online, companies will not have to learn the new technology format. Instead, they will submit documents to their filing agents as they do today who will then work with the EDGAR Online tools to complete the conversion to the new interactive data format."
If you want to read the entire article, go here:
yahoo.reuters.com.
FROM PRIOR POST at 1/11/2006 5:22:20 PM
EDGR
Today's announcement: biz.yahoo.com
EDGAR(R) Online(R) Announces I-Metrix(TM) Xcelerate, Delivering XBRL Processing Services
Wednesday January 11, 7:00 am ET
SOUTH NORWALK, Conn.--(BUSINESS WIRE)--Jan. 11, 2006--EDGAR® Online®, Inc. (Nasdaq: EDGR - News) announced today that it has extended its I-Metrix(TM) product suite to include I-Metrix Xcelerate, enabling filing agents, exchanges and regulators to process content into an eXtensible Business Reporting Language (XBRL) format.
EDGAR Online President and CEO Susan Strausberg said, "We are leveraging the proprietary processes and techniques that we have developed while converting seven years and thirty quarters of U.S. fundamental data into XBRL format. This allows us to meet the needs of filing agents, regulators and exchanges within the U.S. market and internationally."
Strausberg continued, "Our services enable more organizations to see the benefits of XBRL without reengineering current workflows - which can be a costly endeavor. The creation of valid XBRL documents is a complex process and EDGAR Online brings unique expertise to the task, as we are the only organization that currently offers 30 fiscal quarters of standardized XBRL-tagged financial information to the U.S. market place."
In early December 2005, Gartner Research published a report entitled "EDGAR Online Provides New Investment Analysis Capabilities With XBRL-Tagged Data." The author stated, "Extensible Business Reporting Language (XBRL) can improve the quality and efficiency of investment analysis. What has been missing is XBRL-tagged data for analysis." A copy of the Gartner Research report can be found at www.edgar-online.com.
Although XBRL filings with the SEC are currently voluntary, recent comments by SEC Chairman Christopher Cox indicate that XBRL could play a major role in the modernization of SEC systems. At a December, 2005 meeting hosted by the AICPA, Cox called the use of XBRL "an extraordinarily important initiative" that will shape the future of financial reporting. He also called it one of his top priorities.
Cox said that the interactive data XBRL creates "will lead to vast improvements in the quality, timeliness and usefulness of information that investors get about the companies they're investing in." He also stated "XBRL will do for business reporting what bar coding did for product distribution."
EDGAR Online is a founding member of the XBRL Consortium. Over the past five years it has worked with the Consortium on the development of the standard, the taxonomies (industry data tags) and global awareness of XBRL.
Information about EDGAR Online's new XBRL processing service, I--Metrix Xcelerate, is available by calling (888) 870-2316 (toll-free in the U.S and Canada) or (212) 457-8200.
Yesterday's news article:
Is EDGAR Headed for XBRL?
By Paul Allen
January 06, 2006
Interactive data is a phrase you can expect to hear a lot from the Securities and Exchange Commission. Having issued a request for information (RFI) in October 2005 to help it assess the benefits that interactive data formats such as eXtensible Business Reporting Language (XBRL) can provide, on Nov. 21, the SEC released a draft request for proposals (RFP) for a new contract to overhaul its Electronic Data Gathering, Analysis and Retrieval (EDGAR) system and enable it to embrace interactive data. The draft RFP provides the basis for preliminary discussions with the software industry and will be followed by a final RFP, in mid-January.
EDGAR is the mainstay of the SEC's disclosure program. Approximately 700,000 filings received by the SEC each year from corporate securities issuers and investment companies flow through EDGAR - providing a repository of information accessible to the public. As the SEC nears the end of its eight-year agreement with Northrup Grumman for the service and maintenance of EDGAR, it is seeking to enter into a new contract - expected to be awarded by midsummer - for future support, with the expectation that the system will require a redesign to allow it to handle an increase in filings that use interactive formats, such as XBRL.
Read the rest of the article here:
financetech.com |
