Cathy Baron Tamraz Discusses Disclosure and Transparency

April 30, 2009

Cathy Baron Tamraz, Business Wire President & CEO, discusses the challenges facing Treasury Secretary Timothy tamraz_cathy_baronGeithner regarding maintaining and increasing transparency in the financial markets in a new commentary at FinReg21.

Tamraz’s recommendations, combined with new SEC chief Mary Schapiro’s “visceral reaction” to the idea of web-based disclosure in which market participants have to go looking for financial information, are good news for the markets and for investors.  Tamraz talks about the press release as a disclosure vehicle, and how the existing framework for news distribution is already in place to help Sec. Geithner reassess the state of disclosure and help avoid future financial crises.

Go read, and let us know what you think in the comments below.


SEC Releases Rule Proposal on the use of Interactive Data (XBRL)

May 15, 2008

Here’s an item from Business Wire’s Michael Becker, VP of Global Disclosure & Reporting Services:

The US Securities and Exchange Commission (SEC) proposed that issuers provide corporate financial statement information to the Commission in interactive data (XBRL) format.

If adopted, the first interactive data provided under the new rules would be made public in early 2009. The remaining companies using U.S. GAAP would provide this disclosure over the following two years. Companies using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board would provide this disclosure for fiscal periods ending in late 2010.

Additional proposed items:

  • In the initial year of a company’s filing, they would be required to provide single identifiers (tags) for each footnote and schedule but starting in year two of XBRL submission, the company would be required to provide more detailed identifiers for elements within the footnotes themselves.
  • XBRL documents would be submitted in addition to the official ASCII or HTML filing and then filed at the same time. The only exception to this rule is that the first time a company submits in XBRL format and the first time they provide detailed tagging of the footnotes, the company would be allowed a 30 day grace period after the traditional filing during which they could submit the XBRL documents.
  • Companies also would be required to post this information on their websites.

Business Wire is the only newswire service with in-house XBRL expertise and is prepared to help your company transition to XBRL reporting quickly and easily. Our EarningsDirect service is a simple, non-technical method for tagging EDGAR filings and earnings news releases in XBRL format.

The process couldn’t be easier; we convert the data to XBRL for you. Analysts, investors and the financial media receive your financials in XBRL format with a special PDF file, the Interactive Financial Statement (IFS). The IFS allows users to quickly understand, via detailed TagTips, how your financials have been tagged in XBRL. The IFS also contains the raw XBRL required for market participants to analyze the data in real time.


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