ROCKVILLE, Md., Aug. 1, 2011 /PRNewswire/ -- EDGAR®
Online, Inc. (NASDAQ: EDGR), a leading global provider of
XBRL (eXtensible Business Reporting Language) software, services
and data, today announced the availability of a comprehensive
survey of how institutional investors, lawyers and accountants use
U.S. financial and business data services and the role XBRL will
play in enhancing their analysis. After surveying a cross section
of financial data users, EDGAR Online found that XBRL data will
significantly advance analysis, particularly regarding industry
research, performance benchmarking and investment decisions.
The survey commissioned by EDGAR Online, "Financial and Business
Data Services," encompasses data users throughout the U.S. The
report reflects the current state of financial data usage in
response to the recent implementation of SEC regulations, but also
has implications for international markets, which are evaluating
and implementing XBRL as a means to deliver greater financial
transparency and to close data gaps, allowing for analysis across
companies and industries.
"The results of our extensive survey of financial data users
show how XBRL adoption will mature as U.S. investors realize its
true benefits," said Dave Goldstein,
senior managing director of EDGAR Online. "Furthermore, this report
is pertinent for regulators abroad who are looking to leverage the
firsthand experiences of their American counterparts to bring
greater transparency to financial markets. EDGAR Online is
dedicated to meeting this goal with dynamic XBRL products and
services that create, deliver, analyze and use business
information."
Key statistics from the report include:
- Performing industry analysis, benchmarking and making equity
investment decisions are the most popular uses of data.
Seventy-four percent of participants use data for performing
industry or market analysis and 51 percent for benchmarking
competitors or comparable companies. Forty percent of participants
use data for analyzing equity investment decisions and thirty
percent for identifying or evaluating mergers, acquisitions and
partnerships.
- Fundamentals and market data are the most important data
sets. Nearly 93 percent of those surveyed said fundamentals
were the most important data sets, while almost 80 percent ranked
market datasets as among the most important. At 64 percent,
economic datasets were at least moderately important for
respondents.
- Annual and Quarterly documents top the list of essential
material. Ninety-one percent of respondents named these
documents as the most critical to the investment, research and
analysis processes. Nearly 58 percent named current report
documents as vital, and 32 percent gave that description for the
proxy statement.
- Accuracy of datasets is very important for businesses.
Seventy-six percent of respondents said the accuracy of datasets is
the most important feature.
XBRL implications include:
- U.S. GAAP XBRL data delivers necessary standardization.
The extensible feature of US-GAAP XBRL taxonomy retains the
flexibility of the popular HTML format by allowing companies the
same ability to report in-depth details within disclosures, but
with a more standardized set of terms and structures so that
comparisons can be quickly made by a computerized application.
- XBRL mandate for public companies will enhance
transparency. For the first time, investors have a quick and
simple means to review all relevant financial values in the primary
financial statement and the notes disclosures. Consumers of XBRL
tools are not limited by legacy third-party vendor datasets that
have historically extracted only a subset of financial disclosure
items. With XBRL, the consumer gets access to any quantitative and
material information located in the disclosures.
Highlights from the EDGAR Online "Financial and Business Data
Services" survey are now available for download at
http://www.edgar-online.com/portals/0/pdf/EDGAR_Online_Report_Highlights.pdf.
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.
Use of Forward-Looking Statements This press release may
contain forward-looking statements. These statements relate
to future events or to future financial performance and may
include, without limitation, statements regarding our future growth
prospects, future demand for our XBRL products/services and future
innovations in our data and solutions and subscriptions businesses.
These forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, levels of activity, performance, or achievements to be
materially different from any future results, levels of activity,
performance, or achievements expressed or implied by these
forward-looking statements. In some cases, you can identify
forward-looking statements by the use of words such as "may,"
"could," "expect," "intend," "plan," "seek," "anticipate,"
"believe," "estimate," "predict," "potential," or "continue" or the
negative of these terms or other comparable terminology. You
should not place undue reliance on forward-looking statements
because they involve known and unknown risks, uncertainties and
other factors that are, in some cases, beyond our control and that
could materially affect actual results, levels of activity,
performance, or our growth strategy. For further information
about the factors that could affect EDGAR Online's future results,
please refer to our filings with the Securities and Exchange
Commission. We assume no obligation to publicly update or
revise these forward-looking statements for any reason, whether as
a result of new information, future events, or otherwise.
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.