EDGAR Online and RR Donnelley Support Securities and Exchange Commission's Move to Bring More Transparency to Public Markets Thr
18 December 2008 - 6:58AM
PR Newswire (US)
NEW YORK, Dec. 17 /PRNewswire-FirstCall/ -- EDGAR(R) Online, Inc.
(NASDAQ: EDGR) and RR Donnelley (NYSE:RRD) announced their support
for the SEC's final rule made public today that will phase in
requirements for SEC filing companies and mutual funds to submit
financial statements in eXtensible Business Reporting Language
(XBRL). "With this vote today the SEC moved financial transparency
in the United States from analog to digital. The SEC was created in
1934 in the face of the depression and one of its first acts was to
require companies to report to their shareholders. With the markets
today in need of increased transparency, we believe this vote is as
significant to 21st century investors as that first vote was to the
early public market participants," said Philip Moyer, President and
CEO of EDGAR Online. "As mentioned by Chairman Cox in his comments
today, EDGAR Online has been a significant public advocate of XBRL
and its potential to help rebuild investor confidence across all
asset classes including equities, mutual funds and asset-backed
securities," Moyer added. "XBRL already serves as the backbone of
our business and the announcement today solidifies our direction.
We deliver a number of XBRL data products and solutions including
XBRL enabled financial data and tools, and through our relationship
with RR Donnelley, have the top XBRL conversion and filing solution
for companies that have participated in the SEC's XBRL Voluntary
Filing Program." "XBRL provides public companies a new way to
promote greater transparency in the capital markets by using a
global data standard that millions of investors and analysts can
access," said Tom Juhase, President of RR Donnelley's Financial
Services offering. "Our solution with EDGAR Online enables
companies to file XBRL content with the SEC in as little as a few
hours through a very cost-effective, benefits-driven solution." RR
Donnelley and EDGAR Online have collaborated to deliver XBRL filing
solutions to corporations since 2005 and are the industry leaders
providing this service. Both companies are members of the XBRL
consortium and have a long history of supporting the XBRL standard.
RR Donnelley's leading EZ Start XBRL solution leverages EDGAR
Online's premier XBRL data creation and processing technology.
About RR Donnelley R.R. Donnelley (NYSE:RRD) is the world's premier
full-service provider of print and related services, including
document-based business process outsourcing. Founded more than 144
years ago, the company provides solutions in commercial printing,
direct mail, financial printing, print fulfillment, forms and
labels, logistics, call centers, transactional print-and-mail,
print management, online services, digital photography, color
services, and content and database management to customers in the
publishing, healthcare, advertising, retail, technology, financial
services and many other industries. The largest companies in the
world and others rely on RR Donnelley's scale, scope and insight
through a comprehensive range of online tools, variable printing
services and market-specific solutions. For more information, visit
the company's web site at http://www.rrdonnelley.com/. About EDGAR
Online, Inc. EDGAR Online, Inc. (NASDAQ:EDGR) is a leader in the
distribution of company data and public filings for equities,
mutual funds and a variety of other publicly traded assets. We
deliver our information products directly to end users via online
subscriptions and data licenses, and to redistributors who embed
our content in their own and their clients' Web sites. Our
proprietary automated systems allow for the rapid conversion of
data and we are a pioneer and leader in the global financial
reporting standard - eXtensible Business Reporting Language,
otherwise known as XBRL. We use our automated processing platform
and our expertise in XBRL to produce both datasets and tools and to
assist organizations with the creation, management and distribution
of XBRL financial reports. For more detailed information on all of
our businesses or to contact us please visit our Web site at
http://www.edgar-online.com/. Use of Forward-Looking Statements
This press release may contain "forward-looking statements" as
defined in the U.S. Private Securities Litigation Reform Act of
1995. Readers are cautioned not to place undue reliance on these
forward-looking statements and any such forward-looking statements
are qualified in their entirety by reference to the following
cautionary statements. All forward-looking statements speak only as
of the date of this press release and are based on current
expectations and involve a number of assumptions, risks and
uncertainties that could cause the actual results to differ
materially from such forward-looking statements. Readers are
strongly encouraged to read the full cautionary statements
contained in EDGAR Online's filings with the SEC. EDGAR Online
disclaims any obligation to update or revise any forward-looking
statements. EDGAR(R) is a federally registered trademark of the
U.S. Securities and Exchange Commission. EDGAR Online is not
affiliated with or approved by the U.S. Securities and Exchange
Commission. DATASOURCE: EDGAR Online, Inc. CONTACT: David Colgren,
Colcomgroup, Inc. for EDGAR Online, Inc, +1-917-587-3708, Web Site:
http://www.edgar-online.com/ http://www.rrdonnelley.com/.
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