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Marketwire Introduces eXtensible Business Reporting Language (XBRL) Services


March 29, 2011 - Toronto

Marketwire today introduces a full-service solution for eXtensible Business Reporting Language (XBRL) financial statement preparation and reporting. For companies needing to comply with the U.S. Securities and Exchange Commission's (SEC) XBRL mandate, this means that clients can take advantage of Marketwire's fully integrated solution for regulatory compliance and combine XBRL with EDGAR filing, news release distribution, and document posting to corporate websites.

Marketwire's XBRL solution requires issuing clients to have little technical knowledge of XBRL, and all mapping, tagging and filing is done by Marketwire's expert team in collaboration with The Client. Full-service features include:

  • Analysis of financial statements and identification of the appropriate taxonomy to use, be it IFRS or US GAAP
  • Gap analysis performance for the creation of extension taxonomy elements
  • Provision of a comprehensive CPA report for review by corporate accounting
  • Creation of a valid instance document and other related files; clients need only review, provide feedback and approve
  • Full validation, preparation and submission of documentation to the appropriate audience, including the SEC's EDGAR/IDEA database

"Our clients trust us to communicate their critical financial information. For more than 30 years, we've worked with public companies to ensure they not only meet full disclosure and satisfy regulatory requirements, but also reach audiences and stakeholders relevant to their business," said Marketwire Vice President, Partner Relations and Media Services Bernadette Lee. "XBRL services are a natural fit within our greater offering of compliance and investor relations communication solutions, from material news distribution, EDGAR filing, webcasting and posting of news and related information to our clients' websites."

A type of interactive language for business data based on electronic tagging, XBRL is seen by many regulators, financial and accounting professionals, and investors around the world as a means to increase accessibility, comparability and usability of financial information. The U.S. Securities and Exchange Commission's (SEC), "Interactive Data to Improve Financial Reporting," mandated public companies to provide XBRL-formatted financial statements over a three-year period beginning in 2009, and many domestic and foreign companies have already adopted XBRL reporting. All publicly reporting companies in US-GAAP or IFRS should report in this format starting June 2011.

For more information about Marketwire's XBRL solutions, please call 800-774-9473 in the US and 888-299-0338 in Canada.

About Marketwire

Marketwire advances the way the world communicates by electronically delivering news and information to traditional, new and social media audiences, including newspapers, magazines, databases, analyst terminals, online portals, blogs, and more. Marketwire maximizes the power of its clients' communications by leveraging the latest in search engine optimization, multimedia, social media, monitoring and new technologies. Sysomos, a Marketwire company, provides unparalleled business intelligence for social media through advanced monitoring and analytics. Serving more than 12,000 clients worldwide through 20 offices on four continents, Marketwire is a dominant distributor of company news releases and other communications. Marketwire is majority-owned by OMERS Private Equity, which manages the private equity activities of OMERS Administration Corporation and today has $4 billion of investments under management. The group's investment strategy includes the active ownership of businesses in North America and Europe. For further information visit: www.omerspe.com.

For more information, visit us online at www.marketwire.com and www.marketwireblog.com, or on Twitter @marketwire.

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For additional information:
Dagmar King
Marketwire
(310) 765-3255
dking@marketwire.com

MarketWire

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