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News < Back Sarbanes Oxley : PR : XBRL Business Wire Introduces the XBRL Smart News Release Cost-Effective Tool for Distributing XBRL-Validated Financial Documents to Investors, Media and Other Stakeholders
XBRL (eXtensible Business Reporting Language) is an open-standard set of data tags that provides a structured means of communicating, analyzing and exchanging financial information. Regulatory authorities and equity exchanges worldwide -- including the U.S. Securities and Exchange Commission, Deutsche Boerse, Tokyo Stock Exchange, and other major financial institutions -- have embraced XBRL and are moving toward its adoption by market participants. Business Wire's XBRL Smart News Release provides a simple, modestly-priced distribution solution for clients who submit their own XBRL-formatted documents. All documents are fully downloadable by media, analysts, investors and others. As a longstanding member of the XBRL International Consortium, Business Wire is providing its clients with value-added services to facilitate the transition to the new business reporting standard. To ensure that all data has been properly tagged, Business Wire will validate XBRL documents using DecisionSoft's True North professional software, considered the "gold standard" for confirming validation. Business Wire's professional staff will work with clients in correcting any validation issues. In addition, Business Wire's validated documents will be accepted by the SEC's EDGAR system for those clients who are participating in the SEC's XBRL Voluntary Filing Program (VFP). Clients who utilize Business Wire's EDGARit service are able to include their validated XBRL documents along with their 8-K and 6-K filings, or Exchange Act periodic reports. "Business Wire has made a major commitment to XBRL, which promises to revolutionize the exchange and management of financial data," noted Cathy Baron Tamraz, president, in making the announcement. "The XBRL Smart News Release is a convenient way for clients to take immediate advantage of this exciting new technology. We are providing many added-value services to help our clients make a seamless transition." Earlier this year, Business Wire and UK-based DecisionSoft Limited, the world's premier XBRL components vendor, announced the creation of CoreFiling Limited, a joint venture that offers a suite of XBRL consulting services. The company maintains offices in London and Oxford, United Kingdom, as well as a sales and consultancy office in New York. Business Wire was founded in 1961 by chairman/CEO Lorry I. Lokey, veteran journalist and public relations executive. The company's multi-channel delivery network, with access to some 60 international and national news agencies, financial information providers and Web-based news services throughout North America, Europe, Asia, Latin America, the Middle East and Africa, provides real-time, simultaneous access to key audiences -- the news media, trade publications, institutional and individual investors, business-to-business decision-makers and consumers. Business Wire electronically disseminates some 1,000 full-text news releases daily to the media, the Internet, online services and databases, and the global investment community in 150 countries in 45 languages. Business Wire has 24 U.S. offices, Frankfurt, London, Brussels, Paris, Sydney and Tokyo offices, and reciprocal offices throughout the world. 
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