Announcement of Intelligent Financial Statements
London, 9th March 2006.
CoreFiling Limited, a UK company which specialises in tools for compliance and regulatory filings, today announced that its new Intelligent Financial Statement™ technology has been used for the first time by a FTSE 100 company. Reuters now publishes its full year results in a breakthrough format which combines both text and machine-readable forms.
Reuters preliminary results for the year ended 31 December 2005 are available from the Reuters website in a new PDF format, the Intelligent Financial Statement™ (“IFS”), which embeds machine-readable financial data in a viewable and printable document. The format utilizes XBRL, the eXtensible Business Reporting Language, an international standard for the communication of corporate financial and performance data.
This first use of an Intelligent Financial Statement™ to publish public company financial data follows calls by the Chairman of the US Securities and Exchange Commission, Christopher Cox, for the market to XBRL-enable their earnings releases. The need to improve the dissemination of corporate financial data has long been an objective of the SEC. According to comments made by the Chairman in January 2006, mistakes made by third parties in manual re-keying and copying data can affect more than 20% of the financial information that flows from companies to the investment community. Making that information available in XBRL removes those inefficiencies and speeds up the publication of investment analysis.
In 2001 Reuters became the first company to release its financial results using XBRL and has been tracking the progress of the standard ever since.
“As a distributor of financial data, we are keenly aware of the value that machine-readable data can bring to the world’s financial systems,” said Miriam McKay, Global Head of Investor Relations at Reuters. “Once again, we are very pleased to be at the forefront of electronic data publishing by being the first company to publish our results as an Intelligent Financial Statement™.”
“Publishing a company’s results as an Intelligent Financial Statement™ allows investors to analyse them within seconds of publication, cutting out the time currently spent in re-keying and verification,” added John Turner, CEO of CoreFiling. “This is a technology that truly brings companies and investors closer together.”
Reuters (www.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Its trusted information drives decision making across the globe based on a reputation for speed, accuracy and independence. Reuters has 15,300 staff in 89 countries, including staff from the acquisition of Telerate in June 2005. It also includes 2,300 editorial staff in 189 bureaux serving 128 countries, making Reuters the world’s largest international multimedia news agency. In 2005, Reuters revenues were £2.4 billion.
Reuters and the sphere logo are the trade-marks of the Reuters group of companies.
Notes to editors
The Intelligent Financial Statement™ addresses the information gap between public companies and the investment community. Throughout the world, many public companies currently receive little or no coverage from securities analysts – because of the costs of gathering and analysing corporate financials.
The IFS is a PDF file which is generated from spreadsheet templates and can be viewed in Adobe® Reader®. The finished PDF uses mouseover labels, TagTips™, to display the properties of the XBRL data which is contained inside the document. The complete XBRL data set can be easily extracted by users and fed into spreadsheets and analytical tools.
For the first time, full corporate financials can be downloaded and analysed using XBRL-enabled analytic tools, without the need for re-keying and checking of data.