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, 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.