EDGAR Online Inc., a global provider of XBRL (eXtensible Business Reporting Language) software, services and data, reports that it experienced a 280% year-over-year increase in XBRL filings in the third quarter.
This milestone represents close to 700 companies, some of whom are insurers, whose disclosures were handled by EDGAR Online during the period, and includes an impressive list of leading publicly traded firms across multiple sectors and industries.
The increase demonstrates the highest number of filings to date for EDGAR Online, and comes in an increasingly competitive landscape with more vendors than ever claiming expertise in disclosure management products and services.
The introduction of XBRL was designed to increase the ability of different regulatory bodies to use the same electronic data set, without the need for manual re-submission of data or sending hard copies of documents to different bodies. The Securities and Exchange Commission passed a ruling in April, 2009 that mandates its use for financial reporting purposes.
In the past two years, EDGAR Online has grown its overall XBRL filings by 362%. The increase in activity reflects not only the shifting expectations from the SEC, but also the awareness among financial officers and SEC reporting managers that proper compliance with the SEC's filing mandates requires a high level of expertise in managing the ever expanding XBRL taxonomy. While the market has grown from just over 400 filings per quarter in 2009 to nearly 7,000 per quarter today, the number of companies offering XBRL solutions has tripled. The sustained growth in filings processed by EDGAR Online highlights its continued leadership in assisting public companies that are authoring and disclosing their documents in XBRL.
“We see that in the both the insurance and financial services space, companies are under a lot of regulatory scrutiny,” says Dave Frankel, chief marketing officer at EDGAR Online, told Insurance Networking News. “We feel confident that we can help demystify XBRL and help companies of all sizes embrace this form of reporting.”
In addition to providing an initial level of compliance, the company's product offerings also include I-Metrix, an analytics platform for financial professionals that allows them to perform risk analysis on both internal and external factors online and within a spreadsheet environment. Enterprise risk management currently being done by I-Metrix clients includes competitive landscape analysis, supply chain risk analysis, internal control analysis, institutional shareholder and board of directors’ analysis.
"It is clear that companies making XBRL filings are seeking a combination of technology, consultation and expertise to help them remain compliant and seamlessly author their filings," said EDGAR Online president and CEO Robert J. Farrell. "Even as more vendors move into the marketplace to take advantage of the regulatory environment, our customers continue to recognize and recommend EDGAR Online as the most knowledgeable and trusted provider of XBRL disclosure solutions."
-- This article first appeared on Insurance Networking News.