R.R. Donnelley & Sons (RRD - Get Report) and Edgar Online (EDGR) signed an exclusive agreement to offer public companies a full-service Securities and Exchange Commission compliance solution that processes financial information into eXtensible Business Reporting Language, or XBRL, format.
XBRL is a standards-based method with which users can prepare, publish (in a variety of formats), exchange and analyze financial statements and the information they contain. XBRL complements XML, which is the universal format for data on the Web that uses tags (identifiers) to describe and deliver data from an application. XBRL allows accountants and other financial professionals and regulatory organizations to identify -- by a tag -- items unique to business information, such as financial statements.
Edgar Online's XBRL expertise will enable RR Donnelley to prepare quarterly and annual financial statements in XBRL for submission to the SEC. This innovative service will enable clients to submit XBRL statements concurrently with their SEC filing or subsequently via a Form 8-K.
The companies said that earlier this month, SEC Chairman Christopher Cox offered public companies an additional incentive to use XBRL, when he stated in a speech that, "Registrants who commit to filing in XBRL for a year, and to providing us feedback on their experiences, will get expedited reviews of their securities registrations.""We are pleased to introduce to our clients the enhanced capabilities offered by this pioneering collaboration," said Donnelley's Tom Juhase. "Industry leadership is a key strategic commitment for RR Donnelley. As did our participation as an early member of the XBRL Consortium, our collaboration with Edgar Online allows us immediately to lower the XBRL adoption hurdles for our clients. Our preparedness for XBRL includes filing the first-ever Edgar-filed documents containing extractable XBRL with the SEC in October 2002 -- on behalf of Microsoft and Morgan Stanley. Working with Edgar Online enables us to move quickly as a new era of financial reporting begins." RR Donnelley and Edgar Online said they are long-time supporters of the XBRL Consortium's efforts to promote global awareness and adoption of XBRL. Edgar Online, a founding member of the XBRL Consortium, has worked with the Consortium to develop the XBRL standard and taxonomies (industry data tags).