PR Newswire Supports SEC's Initiative to Assess Benefits of Tagged Data
Jul 23, 2004
NEW YORK, July 23 /PRNewswire/ -- The U.S. Securities and Exchange Commission's decision to consider accepting voluntary submissions of corporate filings produced using eXtensible Business Reporting Language (XBRL) is a positive step toward giving investors access to a powerful new format to analyze financial information, PR Newswire said today. (Logo: http://www.newscom.com/cgi-bin/prnh/20000306/PRNLOGO ) PR Newswire, which distributes earnings announcements and other material news releases for more than half of all U.S. companies listed on New York Stock Exchange, American Stock Exchange and Nasdaq Stock Market, has for 50 years been supportive of any initiative that improves the investing public's access to corporate information in all formats. "When offered in addition to existing disclosure rules that encourage broad dissemination of material news to investors through the media, XBRL can greatly assist investors in their research and analysis of individual companies, peer groups and entire sectors," said Dave Armon, chief operating officer of PR Newswire. "The implementation of XBRL as a filing format has the potential to improve the transparency of information to investors, as long as all material information is broadly disclosed. That's what PR Newswire has always stood for -- the letter and the spirit of disclosure." In its announcement Thursday, the SEC said it would seek public comment on alternative methods and the costs and benefits associated with tagged data. The commission also said it would consider a staff proposal to accept voluntary supplemental filings of financial data using XBRL. Data tagging is a format for enhancing financial reporting data using eXtensible Mark-Up Language (XML) derivatives, such as XBRL. Tagging provides greater context to data through standard definitions that turn text-based information, such as the filings currently contained in the Commission's EDGAR system, into documents that can be more efficiently and effectively retrieved, searched and analyzed through automated means. Data tags describe information such as items included in financial statements. This enables investors and other marketplace participants to analyze data from different sources and allows for the automatic exchange of financial information across various software platforms, including web services. In July 2003, PR Newswire took a leadership position in the domestic arm of XBRL International, a consortium of more than 200 companies working to adopt XBRL as an accepted global standard for financial reporting, with the appointment of Michelle Horowitz, vice president of Content Development for PR Newswire, to chairperson of the U.S. adoption committee. In this role Horowitz has been quoted saying, "Working for PR Newswire, I am intimately familiar with the challenges that companies face when communicating and comprehending financial reports. XBRL offers a simple and effective mechanism for companies to present financial information and for investors and analysts to interpret the data. As pioneers of the commercial newswire industry, PR Newswire's membership in XBRL-U.S. is indicative of the company's commitment to lead the way in researching and developing new products, services and technologies that enable our clients to communicate with their key stakeholders -- the media, financial community and the general public." PR Newswire has been assisting public companies in meeting disclosure since its inception in 1954. Recipients of these news releases include news services, print and broadcast media worldwide, the general public and investors -- both individual and institutional -- through 3,600 online sites and more than one million institutional screens operated by Bloomberg, Reuters and Thomson. PR Newswire also assists customers filing to the SEC's EDGAR database. Content from PR Newswire is available in multiple formats including XML and NewsML, a news media standard for tagged copy. In addition, an RSS feed of PR Newswire content has increased readership of news releases issued over PR Newswire, via news readers, blogs and sites that rely on RSS. About PR Newswire Now in its 50th year, PR Newswire Association LLC (http://www.prnewswire.com) provides electronic distribution, targeting, measurement, translation and broadcast services on behalf of some 40,000 corporate, government, association, labor, non-profit, and other customers worldwide who seek to reach a variety of critical audiences including the news media, the investment community, government decision-makers, and the general public with their up-to-the-minute, full-text news developments. Established in 1954, PR Newswire has offices in 14 countries and routinely sends its customers' news to outlets in 135 countries and in 30 languages. Utilizing the latest in communications technology, PR Newswire content is considered a mainstay among news reporters, investors and individuals who seek breaking news from the source. PR Newswire's leading brands include ProfNet(SM), eWatch(TM), MEDIAtlas(TM) and MultiVu(TM). PR Newswire is a subsidiary of United Business Media plc of London. Contact: Rachel Asche, Director of Public Relations, PR Newswire, 212.282.1929 or firstname.lastname@example.org
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