Marketwire has introduced a full-service solution for eXtensible Business Reporting Language (XBRL) financial statement preparation and reporting. For companies needing to comply with the U.S. Securities and Exchange Commission's (SEC) XBRL mandate, this means that clients can take advantage of Marketwire's fully integrated solution for regulatory compliance and combine XBRL with EDGAR filing, news release distribution, and document posting to corporate websites.
Marketwire's XBRL solution requires issuing clients to have little technical knowledge of XBRL, and all mapping, tagging and filing is done by Marketwire's expert team in collaboration with the client. Full-service features include:
• Analysis of financial statements and identification of the appropriate taxonomy to use, be it IFRS or US GAAP
• Gap analysis performance for the creation of extension taxonomy elements
• Provision of a comprehensive CPA report for review by corporate accounting
• Creation of a valid instance document and other related files; clients need only review, provide feedback and approve
• Full validation, preparation and submission of documentation to the appropriate audience, including the SEC's EDGAR/IDEA database
"Our clients trust us to communicate their critical financial information. For more than 30 years, we've worked with public companies to ensure they not only meet full disclosure and satisfy regulatory requirements, but also reach audiences and stakeholders relevant to their business," said Marketwire Vice President, Partner Relations and Media Services Bernadette Lee. "XBRL services are a natural fit within our greater offering of compliance and investor relations communication solutions, from material news distribution, EDGAR filing, webcasting and posting of news and related information to our clients' websites."
A type of interactive language for business data based on electronic tagging, XBRL is seen by many regulators, financial and accounting professionals, and investors around the world as a means to increase accessibility, comparability and usability of financial information. The U.S. Securities and Exchange Commission's (SEC), "Interactive Data to Improve Financial Reporting," mandated public companies to provide XBRL-formatted financial statements over a three-year period beginning in 2009, and many domestic and foreign companies have already adopted XBRL reporting. All publicly reporting companies in US-GAAP or IFRS should report in this format starting June 2011.
For more information about Marketwire's XBRL solutions, call 800-774-9473.