EDGAR Online, Inc., a financial information provider, has announced that it now offers U.S. public company financial statements in a new importable format called eXtensible Business Reporting Language (XBRL). One of the first financial services companies to make use of XBRL, EDGAR Online is also offering users a limited number of real-time public company financial statements directly downloaded into Microsoft Excel 2003 worksheets at no cost.
EDGAR Online has been instrumental in the development of XBRL through its early involvement with XBRL International. This consortium of over 200 companies and organizations such as the big four accounting firms, Morgan Stanley, Microsoft and the AICPA, represents the international business reporting supply chain. XBRL is an open specification that uses XML-based data tags to describe financial statements in both public and private companies. These tags are intended to create a royalty-free, standards-based method that improves the ways that financial information can be exchanged.