EDGAR Online, Inc. today announced the formation of EDGAR Analyst LLC, a joint venture that unites EDGAR Online with Universal Business Matrix, LLC (UBmatrix). The purpose of EDGAR Analyst LLC is to develop the first global XBRL data exchange. XBRL is a new business-specific XML financial reporting language that is expected to become the standard computer language companies use to prepare, report, and disseminate their financial information.
According to the company, the joint venture, titled EDGAR Analyst, will offer "the first Global Data Exchange (GDX) for all public company financial information along with a powerful set of analytical tools." Initially, the exchange will consist of tagged XBRL statements from annual and quarterly financial reports on U.S public companies. Eventually, tools will be developed to enable companies to "XBRL-ize" their data for submission into the repository or to regulatory agencies.
For additional information on EDGAR Analyst, you can read the company's official press release.