XBRL made simple

Feb 03, 2005

February 3, 2005

NEW YORK -- Rivet Software, a financial integrity management applications provider based in Denver, and PR Newswire are joining forces to offer Dragon Tag, a user-friendly software that allows IR professionals to create and distribute financial information in extensible business reporting language (XBRL).

XBRL is an electronic reporting model that provides a format for tagging financial information. Data tags define information in financial statements, for example, and turn text-based data into searchable documents. This allows users to extract, exchange, analyze and display financial information on various software platforms and web services.

The partnership is meant to advance the usage of XBRL in the IR community by providing an easy-to-use Microsoft Office-based application that enables users to convert existing Microsoft Word and Excel financial data into XBRL. PR Newswire members who buy Dragon Tag will be able to generate documents in XBRL. These can then be sent directly to PR Newswire for distribution via a built-in interface within Dragon Tag that links to PRN Direct, PR Newswire's secure customer extranet.

'The main benefit IROs will get from the PR Newswire and Rivet partnership is an exceptionally easy way of converting their earnings releases into the XBRL format and uploading that release to PR Newswire for distribution to the media and financial community,' says Dave Armon, COO of PR Newswire. 'No need to involve IT. No complicated process of uploading multiple files to multiple vendors. The benefit to the IRO's employer is the perception that the company is using every tool available to make its financial information easily accessible to investors.'

The partnership also aims to assist companies wanting to participate in the SEC's XBRL voluntary reporting program, which was created to assess the benefits of XBRL reporting and its potential for improving the timeliness, accuracy and analysis of financial disclosure in company filings with the SEC. 'Now IROs have a solution that makes XBRL approachable and affordable for anyone needing or wanting to comply with the adoption of XBRL within regulatory agencies,' notes Robert Blake, vice president of product marketing at Rivet Software.

by Vanessa Theiss

Related stories:
SEC proposes voluntary XBRL program
The XBRL update
XBRL in earnings releases