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Leveraging XBRL for Enhanced Financial Reporting: Insights from a CFO

In today's fast-paced business environment, financial executives face heightened expectations for efficient and clear communication of operational results. Greg Adams, CFO & COO of EDGAR Online, discusses the SEC Voluntary Filing Program and highlights how XBRL (eXtensible Business Reporting Language) serves as a critical tool for enhancing financial reporting. By adopting XBRL, companies can reduce costs, improve data accuracy, and ensure more timely decision-making, all while meeting SOX 404 compliance. Discover the benefits, including integration with business intelligence platforms and analytical capabilities that support robust financial communication.

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Leveraging XBRL for Enhanced Financial Reporting: Insights from a CFO

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  1. “XBRL in Government and Industry” The SEC Voluntary Filing Program A CFO’s Perspective Greg Adams, CFO & COO EDGAR Online, Inc.

  2. Financial Executives • Have a critical responsibility to communicate operational results to stakeholders • Are facing a growing demand for efficient delivery in an interactive medium • Need better tools for faster decision making • Want their internal control environment enhanced through less retyping, more system integration, etc.

  3. EDGAR Online’s Sample Form 8-K

  4. EDGAR Online’s Sample Form 8-K edgr-20050228.xsd edgr-2005028_cal.xml edgr-2005028_lab.xml edgr-2005028_pre.xml EDGR_2004_10K.xml

  5. XBRL: A Technology Standard XBRL is a business reporting standard that ultimately boils down to a globally agreed-upon standard using XML for its core technology.

  6. Capitalizing on XBRL through Enhanced Analysis The new I·Metrix family of products provides XBRL data and solutions today • I·Metrix solutions provide users with the most timely fundamental and supplementary data, analytical templates and toolsets at a substantially lower price point than our competitors.

  7. XBRL and Excel

  8. Immediate Verification

  9. Benefits of XBRL for Preparers • Lower cost of producing information • Tell your own story (precise & clear) • Expanded communication “reach” • More timely, accurate, data for decisions • Enhanced analytical capabilities • Better control environment – extension of SOX 404 • Accelerated adoption of reporting model changes

  10. I·Metrix also includes standard and customizable templates

  11. Integration of XBRL Data with Dashboard and Business Intelligence Platforms

  12. Conclusions • XBRL provides an immediate ROI for benchmarking • Financial executives can meet their critical responsibility to communicate operational results to stakeholders • Growing demand for efficient delivery in an interactive medium • Tools and services are available today to facilitate • Preparation of Financial Statements • Analysis • Benchmarking • XBRL is an extension of SOX 404 requirements

  13. Thank You! Greg Adams, CFO & COO EDGAR Online, Inc.

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