NEW YORK (Map) - NEW YORK, May 15 /PRNewswire/ -- PR Newswire today voiced its support for the U.S. Security and Exchange Commission's (SEC) proposal that would require domestic and foreign issuers to submit their primary financial statements and footnotes in eXtensible Business Reporting Language (XBRL).

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"Today's ruling by the SEC is a transformative event in the history of business communications as XBRL offers the potential to revolutionize how financial data is transmitted and analyzed," stated Dave Armon, president, PR Newswire. "PR Newswire has long favored any technology or legislation that is intended to improve transparency and the widespread availability of public information. For this reason, we have been very actively involved in the promotion and adoption of XBRL because, in our estimation, it will greatly benefit everybody who utilizes financial data in their occupation or daily lives, from analysts, portfolio managers and corporate officers to individual investors and the media."

According to the SEC's proposal, XBRL filing would follow a phased approach starting with the largest US and foreign accelerated filers (defined as those with a worldwide public float of $5 billion or higher). The plan would initially target those companies that use US GAAP, but would eventually encompass those that use International Financial Reporting Standards (IFRS).

Reporting for the first group of companies would begin with fiscal periods ending on or after December 15, 2008, with submission to EDGAR and on the company's own corporate web site. The following year, all other domestic and foreign filers would begin filing in XBRL format and in year three, all remaining companies would follow be required to be XBRL-compliant.

In preparation for the SEC's XBRL timetable, PR Newswire and its EDGAR filing firm, Vintage Filings, have initiated a program that allows PR Newswire members to experiment with XBRL-based EDGAR filings and familiarize themselves with the technology and tagging requirements. PR Newswire and Vintage will continue to unveil new XBRL-focused services during the remainder of 2008 so that its members are fully equipped for the SEC's mandatory filing date.

PR Newswire will also leverage its work as an XBRL activist to provide education services and industry insight to its customers. Since 2005, PR Newswire has been a member of XBRL-US, the U.S. based arm of XBRL International. Over the course of PR Newswire's affiliation with XBRL-US, individuals at the company have assumed leadership positions within the organization and have been instrumental in leading its efforts to advance the adoption of the technology.

Armon continued, "Our close ties to XBRL-US and the integration of Vintage Filings into the PR Newswire suite of services gives our members an important head start in gaining familiarity with XBRL and complying with the SEC's mandate. Going forward, PR Newswire will to continue to expand our XBRL offerings and provide additional services that will enable our clients to reap the full rewards of this groundbreaking technology."

About XBRL

XBRL (Extensible Business Reporting Language) is a royalty-free, open specification for software that uses XML data tags to describe financial information for public and private companies and other organizations. XBRL benefits all members of the financial information supply chain by utilizing a standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze financial statements and the information they contain. Some of the world's leading accounting, financial, government and software organizations are involved in the adoption and use of XBRL in the U.S. XBRL-US is hosted and supported by the American Institute of CPAs, one of the founding members of XBRL International. For more information on XBRL, please go to the XBRL US Web site (http://www.xbrl.org/US).

About PR Newswire

PR Newswire Association LLC (http://www.prnewswire.com/) provides electronic distribution, targeting, measurement and broadcast services on behalf of tens of thousands of corporate, government, association, labor, non- profit, and other customers worldwide. Using PR Newswire, these organizations reach a variety of critical audiences including the news media, the investment community, government decision-makers, and the general public with their up- to-the-minute, full-text news developments.

Established in 1954, PR Newswire has offices in 14 countries and routinely sends its customers' news to outlets in more than 170 countries and in more than 40 languages. Utilizing the latest in communications technology, PR Newswire content is considered a mainstay among news reporters, investors and individuals who seek breaking news from the source. PR Newswire's leading services include ProfNet(SM), eWatch(TM), MEDIAtlas(TM), Search Engine Optimization, MediaRoom, MediaSense(TM), MultiVu(TM), U.S. Newswire, the preeminent policy newswire in the industry, Vintage Filings, the fastest growing Edgar filing company, and Hispanic PR Wire, LatinClips and Hispanic Digital Network, the foremost Hispanic communications services. PR Newswire is a subsidiary of United Business Media plc of London.

CONTACT: Rachel Meranus, Vice President, Public Relations, PR Newswire, +1-201-360-6776 or rachel.meranus@prnewswire.com.