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R.R. Donnelley Financial Collaborates With Microsoft, Morgan Stanley

Tuesday, October 08, 2002

Press release from the issuing company

First-Ever EDGAR-Filed Documents Containing Extractable XBRL Filed NEW YORK, Oct. 7 -- R.R. Donnelley Financial, on behalf of Microsoft Corp. and Morgan Stanley, recently filed with the Securities and Exchange Commission the first-ever EDGAR-filed documents containing extractable XBRL (eXtensible Business Reporting Language). "XBRL is specifically dedicated to corporate financial reporting and will provide our clients with the ability to allow financial information to be available quickly, consistently, and transparently by using a framework that can be customized to meet both the industry and internal needs," said Terry Trayvick, president of R.R. Donnelley Financial's Capital Markets business. "We're excited by this new opportunity and its ability to add value to our clients by offering the options and flexibility they require, beyond traditional financial printing solutions." "This has been a pioneering collaboration," said Ruth Kaufman, manager of EDGAR services for R.R. Donnelley Financial.  "We are incredibly excited about working closely with these progressive clients, what we've learned to date and the continuous innovation that grows with our experience. We look forward to the day when client demand makes this a network-wide R.R. Donnelley service offering." By including XBRL encoded financials in Microsoft and Morgan Stanley's 8-Ks, a new era of financial reporting has begun. End-users such as investors and analysts may now use XBRL-aware applications to more-readily access information like the balance sheet, income statement, statement of equity, statement of cash flows, notes to the financial statements and the accountant's report in digitally enhanced format, which enables a dramatic improvement in the processing of financial reports. "Because of its ease of use and effectiveness, XBRL could be the future standard for e-communicating financial information," stated Trayvick.  "By leveraging the efficiencies of the Internet, XBRL documents can be prepared efficiently, exchanged reliably, published more easily, and analyzed more rapidly." XBRL is also empowering to the entire investing community, as it is a freely available electronic language for financial reporting. It is an XML-based framework that provides a standards-based method for the financial community to prepare, publish in a variety of formats, reliably extract and automatically exchange financial statements of both public and private companies and the information contained within. According to Mark Schnitzer, executive director and a member of Equity Research management at Morgan Stanley, "XBRL will make corporate disclosures more understandable and more relevant for investment analysis and decisions. By putting these disclosures into XBRL in EDGAR filings, investors and analysts will have real-time access to this information." "Because XBRL is a subset of XML, specifically designed software allows XBRL to be adapted to financial data through a simple process, " explained Bruce Olcott, vice president of sales and marketing northwest region, from the R.R. Donnelley Financial service center in Seattle, WA office where the XBRL formatted 8-K for Microsoft was filed. "R.R. Donnelley professionals work closely with our clients to XBRL-tag their data, allowing the information to be used consistently throughout various reports containing the financial information." XBRL is not about establishing new accounting rules but enhancing the usability of the financial information via a digital language of business. XBRL not only accommodates accounting standards and policies of today but is flexible enough to accommodate future accounting standards and direction. XBRL does not require additional disclosure from companies to outside audiences.  Instead, it allows financial information to be available freely and transparently. "Providing investors and analysts high-quality, credible financial information and disclosures in a timely manner and in a usable format is vital to the health of the global capital markets" said John Connors, chief financial officer at Microsoft. "By filing our fiscal 2002 financial statements with the SEC in XBRL format, Microsoft is demonstrating its continued support and leadership in evangelizing cutting-edge standards that could change how people access and process financial information in the years to come." XBRL is an open standard being developed by XBRL International, which is made up of over 170 global companies, including the world's largest accounting, technology, government and financial service bodies.  R.R. Donnelley Financial, Microsoft, Microsoft Great Plains, Morgan Stanley and FRx Software are members of XBRL International.  For a comprehensive list of all companies participating in XBRL International, please go to the XBRL International website at http://www.xbrl.org 

 

 

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