SEC XBRL Mandate on Dec. 17?

The Securities and Exchange Commission is holding an Open Meeting on Wednesday, Dec. 17 at 10 am EST where they will consider, among other items, whether to mandate XBRL tagging of financial statements based on a phase-in schedule.

Business Wire’s been working for several years on platforms to support XBRL. Our successful transition to a fully XHTML news feed supports data-rich features including XBRL.

We also worked closely with major news organizations over several years to prompt them to retire our ANPA data feed (still used by other wires and unable to support tagged financials). Our patented NX platform is also in place at news organizations, web portals and other disclosure services to deliver tagged content downstream.

All in all, this is a very exciting time for us.

Here’s a link to the SEC agenda.

2 Responses to SEC XBRL Mandate on Dec. 17?

  1. Simon says:

    I wonder if this will effect the way Berkshire Hathoway does their “notice-and-access” earnings releases. LOL
    All that technology that you are bragging about will be obsolete and irrelevant once company’s begin to adopt the SEC’s new web based disclosure model. Company’s just don’t need Wire services anymore, period.
    The proof is in the pudding. Even Warren Buffet’s own BH doesn’t even put out a full press release, and they own Business Wire! I’m sure they will utilize XBRL however on their press releases posted to their site.
    It’s pretty apparent that they don’t practise what they preach.
    If I’m wrong, please feel free to comment.

    • Hey Simon,
      Berkshire Hathaway does include a table in their Business Wire-issued earnings release. The thousands of companies that use us understand the value of proactive outreach to investor audiences. While we encourage the robust use of corporate websites for investor relations, relying on them only to the exclusion of push delivery shows a lack of understanding of the needs of investors and capital markets.

      The complexities of ensuring cleanly delivered, simultaneous news to thousands of platforms (from Yahoo! Finance to Bloomberg) is something our dedicated staff of professionals does hundreds of times each day.

      Without Business Wire, investors would lose corporate news content from the information sources they currently utilize. Instead, they’d need to sleuth out corporate sites throughout the web to learn RSS and add feeds that aren’t as reliable or simultaneous as a news wire. And discovering new companies? That gets harder too if we’re not around.

      The goal to enhanced disclosure should not be to make investors work harder to find news. Frankly, if we didn’t exist, someone would need to invent us to satisfy market needs.

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