NEW YORK and DENVER: PR Newswire (PRN) has partnered with Rivet Software to give IR professionals the tools to create and distribute their financial information in XBRL, or extensible business reporting language
The Dragon Tag software, which will be available to PRN clients beginning next month, is used in conjunction with Microsoft Word or Excel programs, said Dave Armon, COO of PRN.
As part of PRN's exclusive partnership with Rivet, the software also will include a feature that allows users to upload the XBRL-tagged information to PRN for distribution.
Although the Securities & Exchange Commission does not yet require XBRL in disclosure filing, Armon said it is still important for companies to begin using it. "A company that embraces [XBRL] early is going to be heralded as a transparency superstar," he added. "I think there will be some companies who will want to take that early step."
XBRL is an electronic language used in financial reporting. An XML-based standard, it permits exchange and extraction of information from publicly held companies.