EDGR Edgar Online, Inc. (MM)

Proposed SEC IDEA Opens Possibilities That Enable Corporations, Financial Institutions and Investors to Take Advantage of XBRL NEW YORK, Aug. 21 /PRNewswire-FirstCall/ -- EDGAR Online, Inc. (NASDAQ:EDGR) announced today that it supports the creation of IDEA (Interactive Data Electronic Applications) by the SEC as a replacement to the 1980s-era EDGAR System. IDEA is expected to employ XBRL interactive data technology which gives investors and analysts faster and easier access to key financial information about public companies and mutual funds. "The overhaul of the EDGAR System is something EDGAR Online has advocated for years through its involvement in the development of XBRL as an interactive data solution," said Philip Moyer, CEO and President of EDGAR Online. "IDEA is built upon XBRL, the same platform underlying I-Metrix and our other core products and services. As a result, we are uniquely positioned to offer additional tools and services as other asset classes are moved into IDEA using XBRL." EDGAR Online is a leading provider of value-added business and financial information on U.S. public companies and is currently the world's largest XBRL global data platform provider with a current and historical database of over 15,000 U.S. and global companies fully tagged using the latest XBRL specifications. EDGAR Online is one of the eight founding members of the XBRL Consortium and was the first company in the world to deliver Chinese, Indian and South Korean public company fundamental data in addition to U.S. financial statement information to the marketplace using XBRL. "We're at the tip of the iceberg on financial information yet to be tagged in XBRL and EDGAR Online is positioned to play a key role in providing tagging services, infrastructure and analytic tools to regulators, corporations, and investors looking to take advantage of this rapidly expanding format," said Moyer. "If the SEC's XBRL proposal is mandated, we expect approximately 2/3 of the world's market capitalization of public companies to be under a timetable for migrating to XBRL by year end. The governments of Australia, Belgium, Canada, China, Denmark, France, Germany, India, Israel, Japan, Korea, Netherlands, Norway, Singapore, Spain, Sweden, Thailand, United Kingdom, and the United States have regulatory mandates or have voluntary filing programs for business reporting using XBRL for government reporting. In March, EDGAR Online launched TryXBRL.com, the world's first public web site that allows access to view and analyze complete XBRL-tagged financial statements for over 12,000 publicly-traded corporations. TryXBRL.com benefits anyone interested in learning about XBRL as applied to real-world financial statements. Corporate finance professionals exploring filing in XBRL with the SEC can educate themselves about the process and view their own historical financial information in a XBRL format. Investors and analysts can experience firsthand how XBRL reduces the complexity and costs associated with analyzing performance data. EDGAR Online will be showcasing XBRL tools and services at the upcoming 18th XBRL International Conference in Washington, DC on October 15 & 16, 2008. EDGAR Online is a silver sponsor of the conference. About EDGAR(R) Online, Inc. EDGAR Online, Inc., http://www.edgar-online.com/, is a leading provider of value-added business and financial information on global companies to financial, corporate and advisory professionals. The Company makes information and a variety of analysis tools available via online subscriptions and licensing agreements to a large user base. 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: T. David Colgren of Colcomgroup, Inc., +1-917-587-3708, , for EDGAR Online, Inc. Web site: http://www.edgar-online.com/

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