EDGAR Online Releases Survey Results on Data Usage and XBRL Trends in U.S.

ROCKVILLE, Md., Aug. 1, 2011 /PRNewswire/ -- EDGAR® Online, Inc. (NASDAQ: EDGR), a leading global provider of XBRL (eXtensible Business Reporting Language) software, services and data, today announced the availability of a comprehensive survey of how institutional investors, lawyers and accountants use U.S. financial and business data services and the role XBRL will play in enhancing their analysis. After surveying a cross section of financial data users, EDGAR Online found that XBRL data will significantly advance analysis, particularly regarding industry research, performance benchmarking and investment decisions.

The survey commissioned by EDGAR Online, "Financial and Business Data Services," encompasses data users throughout the U.S. The report reflects the current state of financial data usage in response to the recent implementation of SEC regulations, but also has implications for international markets, which are evaluating and implementing XBRL as a means to deliver greater financial transparency and to close data gaps, allowing for analysis across companies and industries.

"The results of our extensive survey of financial data users show how XBRL adoption will mature as U.S. investors realize its true benefits," said Dave Goldstein, senior managing director of EDGAR Online. "Furthermore, this report is pertinent for regulators abroad who are looking to leverage the firsthand experiences of their American counterparts to bring greater transparency to financial markets. EDGAR Online is dedicated to meeting this goal with dynamic XBRL products and services that create, deliver, analyze and use business information."

Key statistics from the report include:

• Performing industry analysis, benchmarking and making equity investment decisions are the most popular uses of data. Seventy-four percent of participants use data for performing industry or market analysis and 51 percent for benchmarking competitors or comparable companies. Forty percent of participants use data for analyzing equity investment decisions and thirty percent for identifying or evaluating mergers, acquisitions and partnerships.
• Fundamentals and market data are the most important data sets. Nearly 93 percent of those surveyed said fundamentals were the most important data sets, while almost 80 percent ranked market datasets as among the most important. At 64 percent, economic datasets were at least moderately important for respondents.
• Annual and Quarterly documents top the list of essential material. Ninety-one percent of respondents named these documents as the most critical to the investment, research and analysis processes. Nearly 58 percent named current report documents as vital, and 32 percent gave that description for the proxy statement.
• Accuracy of datasets is very important for businesses. Seventy-six percent of respondents said the accuracy of datasets is the most important feature.

XBRL implications include:

• U.S. GAAP XBRL data delivers necessary standardization. The extensible feature of US-GAAP XBRL taxonomy retains the flexibility of the popular HTML format by allowing companies the same ability to report in-depth details within disclosures, but with a more standardized set of terms and structures so that comparisons can be quickly made by a computerized application.  
• XBRL mandate for public companies will enhance transparency. For the first time, investors have a quick and simple means to review all relevant financial values in the primary financial statement and the notes disclosures. Consumers of XBRL tools are not limited by legacy third-party vendor datasets that have historically extracted only a subset of financial disclosure items. With XBRL, the consumer gets access to any quantitative and material information located in the disclosures.

Highlights from the EDGAR Online "Financial and Business Data Services" survey are now available for download at http://www.edgar-online.com/portals/0/pdf/EDGAR_Online_Report_Highlights.pdf.

About EDGAR Online

EDGAR Online (NASDAQ: EDGR) is a leading global provider of XBRL data, software and services solutions that improve the flow of business information. The company's integrated portfolio of products and services for global enterprises help them create, deliver, analyze and use quality information. Thousands use the company's solutions, including U.S. public companies, mutual funds, leading financial analysts and institutional investors, as well as global regulators such as the FDIC, Banque de France and the U.S. Securities and Exchange Commission. The company delivers its solutions, including UBmatrix® XBRL software solutions, through an extensive network of partners, including LexisNexis®, NASDAQ OMX, Oracle, PR Newswire, RR Donnelley and SAP. To learn more about EDGAR Online, visit www.edgar-online.com.

Use of Forward-Looking Statements This press release may contain forward-looking statements.  These statements relate to future events or to future financial performance and may include, without limitation, statements regarding our future growth prospects, future demand for our XBRL products/services and future innovations in our data and solutions and subscriptions businesses.  These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," or "continue" or the negative of these terms or other comparable terminology.  You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, levels of activity, performance, or our growth strategy.  For further information about the factors that could affect EDGAR Online's future results, please refer to our filings with the Securities and Exchange Commission.  We assume no obligation to publicly update or revise these forward-looking statements for any reason, whether as a result of new information, future events, or otherwise.

EDGAR® is a federally registered trademark of the U.S. Securities and Exchange Commission. EDGAR Online is not affiliated with or approved by the U.S. Securities and Exchange Commission.

SOURCE EDGAR Online, Inc.