Overstock.com Says ‘Yes’ to New York Consumers, ‘No’ to New York’s New Internet Sales Tax
Posted on May 15, 2008
Filed Under Internet, eCommerce
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).
“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.
SOURCE PR Newswire Association LLC
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