ROCKVILLE, Md., June 8, 2011 /PRNewswire/ -- EDGAR® Online, Inc.
(NASDAQ: EDGR), a leading global provider of XBRL (eXtensible
Business Reporting Language) software, services and data, today
announced its Xcelerate® XBRL Taxonomy Services for U.S. GAAP. The
consultancy and advisory solution assists firms in meeting the XBRL
filing requirements of the Security and Exchange Commission (SEC)
using in-house resources while leveraging EDGAR Online's expertise.
The result is an XBRL output that reduces risk and expenses with
less strain on internal staff.
In 2009, the SEC introduced a three-year plan to phase in XBRL
filing requirements for U.S. and foreign issuers. As businesses
seek control over XBRL decisions and a solution that can be managed
in parallel with their current reporting lifecycle, they are
realizing that it takes time to master the self-tagging process.
Through Xcelerate Taxonomy Services, EDGAR Online data analysts
work with customers to select GAAP-approved base tags and
extensions, train key internal personnel on maintenance and filing
requirements, and provide continuing support for compliance with
regulatory changes and deadlines.
"For filers with limited resources and who are still on the XBRL
learning curve, the tagging and taxonomy extension process can be
daunting," said Robert Farrell,
president and CEO of EDGAR Online. "Xcelerate gives filers the best
of both worlds, with the expert guidance and knowledge transfer
that financial teams need without the investment or dependency of
outsourcing, or the cost of hiring new staff."
EDGAR Online's Xcelerate Taxonomy Services draw on the company's
experience in completing more than 1,000 XBRL filings in the past
two years. Filers may pick from multiple packages to best fit their
needs. Beyond the initial engagement, Xcelerate provides users with
an understanding of:
- SEC and FASB guidelines for extending the U.S.-GAAP
taxonomy;
- XBRL technology, structure, requirements and conventions;
- Common industry tag extensions to support consistency
standards; and
- Incorporation of XBRL translation into internal financial
reporting processes.
For more information about EDGAR Online's Xcelerate XBRL
Taxonomy Services for U.S. GAAP, visit
http://www.edgar-online.com/XBRLSolutions/TaxonomyServices.aspx.
About EDGAR Online
EDGAR Online (NASDAQ: EDGR) is a leading global provider of XBRL
data, software and services solutions that improve the flow of
business information. The company's integrated portfolio of
products and services for global enterprises help them create,
deliver, analyze and use quality information. Thousands use the
company's solutions, including U.S. public companies, mutual funds,
leading financial analysts and institutional investors, as well as
global regulators such as the FDIC, Banque de France, and the U.S. Securities and Exchange
Commission. The company delivers its solutions, including UBmatrix®
XBRL software solutions, through an extensive network of partners,
including LexisNexis®, NASDAQ OMX, Oracle, PR Newswire, RR
Donnelley and SAP. To learn more about EDGAR Online, visit
www.edgar-online.com.
"Forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995 may be included in this
news release. These statements relate to future events and/or our
future financial performance and include, without limitation,
statements regarding our future growth prospects, future demand for
our XBRL business and future innovations in our data and solutions
and subscriptions business. These statements are only predictions
and may differ materially from actual future events or results.
EDGAR Online, Inc. disclaims any intention or obligation to revise
any forward-looking statements whether as a result of new
information, future developments or otherwise. Please refer to the
documents filed by EDGAR Online, Inc. with the Securities and
Exchange Commission, which identify important risk factors that
could cause actual results to differ from those contained in
forward-looking statements.
EDGAR® 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.
SOURCE EDGAR Online, Inc.