R.R. Donnelley & Sons and Edgar Online have launched TryXBRL.com, a Web site that allows users to view and analyze financial statements tagged in Extensible Business Reporting Language from over 12,000 publicly traded companies.
The Securities and Exchange Commission has been pushing companies to begin filing their financial statements in XBRL, which makes the statements easier to analyze and compare. The SEC is expected to mandate XBRL as the filing standard for public companies in the near future.
The SEC and the American Institute of CPAs have also recently collaborated on translating the full set of U.S. generally accepted accounting principles into XBRL to spur adoption of the technology.
The TryXBRL.com site is intended to educate corporate finance professionals about the XBRL tagging process and how to file financial statements in XBRL with the SEC. They can view their own historical financial information in XBRL format. Investors and analysts can also experience how XBRL allows them to analyze financial statements more easily. Edgar Online and R.R. Donnelley have collaborated on XBRL-filing products since 2005.
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