"The XBRL-enabled press release, delivered
simultaneously and in real-time via a multi-channel distribution
platform, will facilitate the broad adoption of interactive data as
the investment community realizes the multiple benefits of the new
financial reporting format," said Cathy Baron Tamraz, president and
chief executive officer of Business Wire, at a SEC-sponsored
roundtable discussion held Monday at the agency's headquarters.
Tamraz was one of a dozen panelists invited by the SEC to
participate in the Monday afternoon session, which focused on
"Exchange and Analysis of Information via Interactive Data." A webcast
of the entire full-day conference is available at:
http://www.connectlive.com/events/secxbrl/
The panelists included a cross-section of participants in the
financial disclosure chain, including issuers, analysts, academics,
and investors. The consensus view: XBRL will dramatically enhance
financial analysis, and will result in considerable cost-savings,
improved workflow, better data accuracy, and greater corporate
transparency.
The simplest, most direct route for institutional and retail
investors to appreciate the advantages of interactive data is via an
XBRL-enabled news release, Tamraz noted, emphasizing that the press
release remains at the core of the disclosure process.
Tamraz said that Business Wire was fully supportive of the
Commission's efforts, and was actively promoting XBRL to its members.
She pointed to the recent launch of EarningsDirect, which enables
corporate issuers to effortlessly convert fundamental financial data
into XBRL.
Business Wire's patented IP-based news distribution platform,
"NX", proactively disseminates the interactive EarningsDirect document
to the global media and financial community, including market-moving
news services, financial information providers, online services, and
portals.
To help its members make the transition to XBRL, Business Wire is
providing its EarningsDirect Level 1 product free to members who
transmit their earnings during the second and third quarters of 2006.
About Business Wire
Business Wire, a Berkshire Hathaway company, was founded in 1961
by chairman 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, Paris, Frankfurt,
London, Brussels, Tokyo and Sydney offices, and reciprocal offices
throughout the world.
