The bandwagon for EXtensible Business Reporting Markup Language (XBRL), the rapidly-evolving Internet-based software code for financial reports, has added two new key technology members over the past week.
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Business Wire, the New York-based international news delivery network, unveiled a new system that utilizes XBRL technology to disseminate and distribute business report information to the public. Separately, Movaris Inc., the developer of enterprise software used to publish financial reports, has joined XBRL International, a consortium of some 350 technology and financial reporting companies, and other entities involved in the financial reporting process.
Movaris, based in San Jose, Calif., has indicated that it will add XBRL capability to its flagship product, Movaris OneClose, and join the scores of software vendors, including Microsoft Corp. and Oracle, that have added this technology to tools used in the creation of regulatory-required financial reports. Vendors have been steadily joining the movement over the past eight years since the American Institute of CPAs first brought together the consortium developing the technology.
Separately, Business Wire unveiled EarningsDirect, an XBRL-based system that businesses can use to distribute their financial reports to the media, financial analysts, investors and other non-government users of that data. At the same time companies issue press releases about their financial reports, EarningsDirect will allow those public information disseminators to instantaneously access key data from the reports, and use it for analysis purposes.
“EarningsDirect brings the financial news release into the 21st century,” said Cathy Baron Tamraz, Business Wire chief executive officer. “Analysts and professional investors can take earnings numbers and place them straight into their financial models within seconds of this market sensitive information being simultaneously disseminated by Business Wire.” Business Wire is a longtime member of the XBRL development effort.
“For many companies, the EarningsDirect platform may be all they ever need to create more accessible and useable information for investors,” added John Turner, an executive in the EarningsDirect development effort.
XBRL is the business report version of EXtensible Markup Language (XML) which codes individual items within documents so that they can be immediately accessed. XBRL makes it easier for reporting companies because data tagged for one report can be automatically retrieved and inputted into other documents, and it allows investors, analysts and regulators to instantaneously locate, collate and review the report data they require.
Movaris apparently agrees with the consensus of XRBL International members who have for years been saying the XBRL will revolutionize financial reporting for the better, In announcing its membership in the consortium, the software company said, “XBRL will play an important role for regulatory agencies and CFOs of well-run finance departments who are demanding a unified solution for compliance, close and financial disclosure activities.”
The Business Wire and Movaris moves also provide fuel that the XBRL developers need in their quest to have the Securities and Exchange Commission (SEC) make it the required reporting format for financial report issuers. While XBRL could ease the SEC’s own required work in analyzing the thousands of reports filed with it. officials there have said they cannot make it the de facto reporting format until the technology gains wider acceptance and use by the public.