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RR Donnelley Works With Microsoft to Offer XBRL Solution to the Mutual Fund Industry
Jul 17, 2007 (06:07 AM EDT)
CHICAGO, July 17 /PRNewswire-FirstCall/ -- R.R. Donnelley & Sons Company today announced an exclusive initiative to drive participation in the SEC Pilot XBRL Program for Investment Management companies. Having recently expanded to include mutual fund filings, the SEC's Voluntary Supplemental Filing program gives companies the option of submitting electronically tagged data along with their traditional filings. Working with Microsoft, RR Donnelley will assist clients in the tagging, validation and submission of key mutual fund financial statements in XBRL.
This initiative further extends RR Donnelley's leadership in XBRL. Having been actively involved in XBRL since its inception, RR Donnelley is the leading provider of XBRL filings for pilot program participants. The company filed the first ever mutual fund filing, a Form N-Q for Allegiant Funds, in May, 2006.
The SEC voted on June 20, 2007 to allow mutual funds to submit the data on their risk and return summaries as interactive data, or XBRL. Under the pilot program, fund companies will append their prospectus filings with an exhibit containing the electronically tagged data. Participants do not have to tag all funds; they may tag as few as one fund to participate. Once XBRL data is widely available for mutual funds, investors will be able to use a simple software tool to analyze key points such as the comparative cost of two funds.
Under the arrangement with Microsoft, RR Donnelley will provide a full service XBRL solution to any mutual fund company interested in the pilot program. Clients need simply to provide their financial statement to RR Donnelley in their standard data format. RR Donnelley will electronically tag the data using a prototype auto-mapping engine from Microsoft. Called FR Live, this online service will automatically convert financial information into XML-based documents, like XBRL. After a review of the translation by an XBRL expert, RR Donnelley will provide the client a reviewer's guide. Once all assigned tags have been confirmed, RR Donnelley will prepare and submit the required XBRL documents to the SEC.
"We are delighted to offer this innovative solution to our mutual fund clients," stated Eric Johnson, Senior Vice President, RR Donnelley Global Investment Markets. "We believe a full service approach to new technologies like XBRL will ease the transition for our clients. Working with a technology leader like Microsoft gives us the ability to stay at the forefront of the latest changes in financial reporting."
Michael Ohata, Senior Director Finance Operations at Microsoft added, "We strongly support the SEC in its innovation and adoption of XBRL, and we are excited to work with RR Donnelley with this initiative to meet customers' needs."
More information is available at RR Donnelley's global investment markets website at http://www.rrdgim.com .
XBRL is 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. XBRL complements XML, which is the universal format for data on the Web that uses tags (identifiers) to describe and deliver data from an application. XBRL allows accountants and other financial professionals and regulatory organizations to identify -- by a tag -- items unique to business information, such as financial statements.
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
About RR Donnelley
RR Donnelley http://www.rrdonnelley.com is the world's premier full-service provider of print and related services, including business process outsourcing. Founded more than 140 years ago, the company provides solutions in commercial printing, direct mail, financial printing, print fulfillment, labels, forms, logistics, call centers, transactional print-and-mail, print management, online services, digital photography, color services, and content and database management to customers in the publishing, healthcare, advertising, retail, technology, financial services and many other industries. The largest companies in the world and others rely on RR Donnelley's scale, scope and insight through a comprehensive range of online tools, variable printing services and market-specific solutions. For more information, visit the company's web site at .
Use of Forward-Looking Statements
This news release may contain "forward-looking statements" as defined in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements contained in RR Donnelley's filings with the SEC. RR Donnelley disclaims any obligation to update or revise any forward-looking statements.
CONTACT: media, Doug Fitzgerald, Executive Vice President Marketing & email@example.comCommunications, +1-630-322-6830, , or investors, DanLeib, Senior Vice President -- Finance, +1-312-326-7710, ,both of RR Donnelley
Web site: http://www.rrdonnelley.com/ http://www.rrdgim.com/