Edgar Online has released a report illus-trating how accountants, institutional investors and attorneys are using data tagged in Extensible Business Reporting Language format to analyze companies' financials.

The report found that 74 percent of the respondents are using XBRL data for performing industry or market analysis, and 51 percent for benchmarking competitors or comparable companies. Forty percent said that they were using the XBRL data for analyzing equity investment decisions and 30 percent for identifying or evaluating mergers, acquisitions and partnerships.

Ninety-three percent of those surveyed said that fundamentals were the most important XBRL data sets for them, while nearly 80 percent ranked market data sets as among the most important.

Ninety-one percent of the respondents named annual and quarterly documents as the most critical information for their investment, research and analysis processes. Fifty-eight percent cited current report documents as the most vital information, and 32 percent percent cited proxy statements.

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