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RR Donnelley Announces Agreement With EDGAR Online to Process and File Financial Information Into XBRL Format

Wednesday, February 01, 2006

Press release from the issuing company

CHICAGO, Jan. 31 -- R.R. Donnelley & Sons Company and EDGAR Online, Inc. announced today an exclusive agreement to offer to public companies a full service SEC compliance solution, available immediately, that processes financial information into eXtensible Business Reporting Language (XBRL) format. This RR Donnelley and EDGAR Online relationship creates the leading source for enabling public companies proactively to respond to the SEC's recent call for increased use of interactive data. EDGAR Online's XBRL expertise will enable RR Donnelley to prepare quarterly and annual financial statements in XBRL for submission to the SEC. This innovative service will enable clients to submit XBRL statements concurrently with their SEC filing or subsequently via a Form 8-K. In January 2006, SEC Chairman Christopher Cox offered public companies an additional incentive to use XBRL, when he stated in a speech that, "Registrants who commit to filing in XBRL for a year, and to providing us feedback on their experiences, will get expedited reviews of their securities registrations." Tom Juhase, RR Donnelley Financial Services Business Unit President, said, "We are pleased to introduce to our clients the enhanced capabilities offered by this pioneering collaboration. Industry leadership is a key strategic commitment for RR Donnelley. As did our participation as an early member of the XBRL Consortium, our collaboration with EDGAR Online allows us immediately to lower the XBRL adoption hurdles for our clients. Our preparedness for XBRL includes filing the first-ever EDGAR-filed documents containing extractable XBRL with the SEC in October 2002 -- on behalf of Microsoft and Morgan Stanley. Working with EDGAR Online enables us to move quickly as a new era of financial reporting begins." Susan Strausberg, CEO and President of EDGAR Online, stated, "We are delighted to be working with RR Donnelley. Over the past several years our company has concentrated its resources on developing I-Metrix(TM), our new suite of XBRL-based products and services. I-Metrix enables deeper analysis of detailed financial data as found in SEC filings and is already in use by our clients in the corporate and investment communities. With our new relationship with RR Donnelley we will now be applying our expertise with XBRL to the regulatory sector of the supply chain." XBRL is a standards-based method with which users can prepare, publish (in a variety of formats), exchange and analyze financial statements and the information they contain. XBRL complements XML, which is the universal format for data on the Web that uses tags (identifiers) to describe and deliver data from an application. XBRL allows accountants and other financial professionals and regulatory organizations to identify -- by a tag -- items unique to business information, such as financial statements. RR Donnelley and EDGAR Online are long-time supporters of the XBRL Consortium's efforts to promote global awareness and adoption of XBRL. EDGAR Online, a founding member of the XBRL Consortium, has worked with the Consortium to develop the XBRL standard and taxonomies (industry data tags).

 

 

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