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PwC, Nasdaq, Microsoft Jumpstart XBRL Understanding With Pilot Program NEW YORK, Aug. 7, 2002 Nasdaq, Microsoft and PricewaterhouseCoopers announced the launch of a new pilot program to provide investors with remote access to XBRL financial data from five years of financial reports for 21 Nasdaq-listed companies. The data, formatted in XBRL and publicly available via a Nasdaq-hosted Web Service, will showcase XBRL's ability to allow for easy comparisons of the financials of companies within a particular industry, like semiconductors.
XBRL is a free, new Extensible Markup Language (XML)-based specification that uses accepted financial reporting standards and practices to translate financial reports across all software and technologies, including the Internet. XBRL does not require investors/analysts to manually retrieve the data from individual financial documents.
The American Institute of Certified Public Accountants launched XBRL in October of 1999 as an effort to support the role CPAs play in the preparation and distribution of financial reports. More than 140 of the accounting, software, business and technology companies and organizations participate in a global effort to support the development and use of XBRL.
"XBRL can help companies and the accounting profession move toward real-time, online reporting by automating the manual process of re-keying financial information from one software format to another for analysis and/or distribution," said Al Anderson, Senior Vice President, Member and Public Interests, AICPA. Of the roughly 10,000 public companies in the United States, only about one-third have any meaningful Wall Street research available. Financial statement information tagged in XBRL can help streamline the analysis process and ultimately help all players in the financial information supply chain by eliminating the need for manual data entry while improving the usability of the financial statement information for other purposes, such as loan documents or government filings. Information is entered only once, allowing that same information to be rendered in any form, such as a printed financial statement, an HTML document for a company's Web site, an EDGAR filing document with the SEC, a raw XML file, IRS tax filing or other specialized reporting format such as a credit report or loan document. For more information, visit www.xbrl.org. |
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