Business Wire Joint Venture, CoreFiling, Provided Infrastructure for Groundbreaking US GAAP Taxonomy Project That Will Facilitate Corporate America's Adoption of Interactive Data

NEW YORK--(BUSINESS WIRE)--Business Wire, a leader in advancing global disclosure solutions for nearly a half-century, announced Wednesday that its joint venture, CoreFiling, played a key role in the US GAAP XBRL taxonomy project, hailed by SEC Chairman Christopher Cox last week as a significant breakthrough that will likely hasten Corporate America's adoption of interactive data.

Business Wire, a longstanding member of the XBRL International Consortium, has echoed Chairman Cox in championing the benefits of XBRL to its various constituencies. To help financial communicators with the technical transition to XBRL, Business Wire formed CoreFiling as a joint venture with UK-based DecisionSoft. CoreFiling has since introduced many XBRL turnkey solutions for investor relations professionals, in addition to offering a suite of consulting services.

The ground-breaking US taxonomy announced by Chairman Cox at a recent press conference was built using CoreFiling's infrastructure, taking advantage of the company's proprietary "SpiderMonkey" technology and expert XBRL modeling services.

The complex tagging project, which focused on the development of an XBRL taxonomy for US GAAP accounting standards, involved a team of some 50 highly-qualified accounting specialists together with supporting infrastructure and systems, making heavy use of systems and support services provided by CoreFiling, the market leader in government-level data modeling.

CoreFiling provided software, hardware, technical services and modeling support for the creation of the US GAAP taxonomy. CoreFiling's SpiderMonkey, the world's only true multi-user taxonomy editor, was the key product used for development and maintenance of the US GAAP taxonomy.

About Business Wire

Business Wire, a Berkshire Hathaway company, is utilized by thousands of member companies and organizations to transmit their full-text news releases, regulatory filings, photos and other multimedia content to journalists, news media, trade publications, institutional and individual investors, financial information services, regulatory authorities, Internet portals, information web sites, business-to-business decision-makers and consumers worldwide. With a news distribution network spanning 150 countries and 45 languages, Business Wire's multi-channel delivery network has access to some 60 international and national news agency networks throughout the Americas, Europe, Asia, the Middle East and Africa.

The Business Wire news network is powered by its patented NX high-speed data platform and supports XML, XHTML and XBRL code to deliver the most sophisticated news file to enhance news release interactivity, customization and search engine optimization. Business Wire has 30 bureaus in cities including New York, San Francisco, Los Angeles, Chicago, Boston, Miami, Paris, Frankfurt, London, Brussels, Tokyo and Sydney with reciprocal offices throughout the world. Business Wire was founded in 1961 by Chairman Lorry I. Lokey, veteran journalist and public relations executive. Cathy Baron Tamraz is president and CEO.

About CoreFiling

CoreFiling provides XBRL and XML-based solutions and services for streamlining online financial reporting. The company incorporates the engineering expertise of DecisionSoft, a firm well-known world-wide for its expertise in data-modeling and validation. CoreFiling offers a range of XBRL products and consulting skills, from taxonomy design and benchmark-quality XBRL processing, to data workflow enhancement and instance document processing. CoreFiling is privately held. Its shareholders include Business Wire, the global leader in financial news distribution, a wholly-owned subsidiary of Berkshire Hathaway.