Bowne and Reuters Collaborate on First IFRS-Based XBRL Documents
Submitted to the SEC
Momentum Behind SEC Voluntary Program Continues to Expand Globally
NEW YORK, NY and LONDON--(Marketwire - November 05, 2007) - Bowne &
Co., Inc. (NYSE: BNE), a leading provider of shareholder, financial
and marketing communication services, and Reuters (LSE: RTR) (NASDAQ:
RTRSY), the global information company, today announced the first
successful submission of XBRL® (eXtensible Business Reporting
Language) documents based on International Financial Reporting
Standards (IFRS) to the U.S. Securities and Exchange Commission (SEC)
as part of the SEC's voluntary interactive data filing program. The
Interim Results of Reuters Group PLC for the period ending June 30,
2007 were submitted to the SEC EDGAR system in XBRL format using
Bowne's EDGAR submission process.
At the forefront of the SEC's dedicated, long-standing project to
update and modernize its EDGAR system, XBRL improves the transparency
of financial information and streamlines the analysis process by
allowing organizations to identify or "tag" financial data. Whilst
all previous financial statements filed in the SEC's voluntary
program have been based on US generally accepted accounting
principles (US GAAP), Reuters submission is the first to use the IFRS
taxonomy of reporting terms. Interest in using IFRS for SEC filings
is on the rise due to the proposal by the SEC to accept IFRS
financial statements from non-domestic issuers without reconciliation
to US GAAP.
Both Reuters and Bowne are pioneers in the use of XBRL and longtime
members of XBRL International. Bowne created and filed the first
document submitted in the SEC's voluntary filing program and Reuters
has been publishing its financial results in XBRL for several years.
"The regulatory reporting landscape across the globe is evolving as a
result of XBRL and the SEC voluntary program is leading the way,"
said Dave Shea, Bowne Chairman, President and Chief Executive
Officer. "In assisting Reuters with its first-to-file achievement,
Bowne continues to demonstrate its leadership position in helping our
European and U.S. clients respond to new interactive date-driven
"As a distributor of financial data, we are keenly aware of the value
that machine-readable data can bring to the world's financial
systems," said David Grigson, Chief Financial Officer at Reuters.
"Reuters is at the forefront of electronic data publishing and we
have been delighted to work with Bowne as the first company to file
our XBRL results in International Financial Reporting Standards
format with the SEC."
"The decision by Reuters to become the first company to make its
International Financial Reporting Standards-based financial reports
available to the public on the SEC's website in XBRL represents
another important milestone as all public companies evolve toward
reporting in an interactive format," said Jeff Naumann of the SEC's
newly formed Office of Interactive Disclosure. "Interactive data has
the potential to save time and expense for investors, analysts, and
those who prepare financial reports, regardless of which accounting
standard is employed."
Reuters submission, which was furnished to the SEC on November 2,
2007, is available online at:
About Bowne & Co., Inc.
Bowne & Co., Inc. (NYSE: BNE) provides financial, marketing and
business communications services around the world. Dealmakers rely on
Bowne to handle critical transactional communications with speed and
accuracy. Compliance professionals turn to Bowne to prepare and file
regulatory and shareholder communications online and in print.
Marketers look to Bowne to create and distribute customized,
one-to-one communications on demand. With 3,200 employees in 60
offices around the globe, Bowne has met the ever-changing demands of
its clients for more than 230 years. For more information, please
Reuters (www.reuters.com),the global information company, provides
indispensable information tailored for professionals in the financial
services, media and corporate markets. Through reuters.com and other
digital properties, Reuters now also supplies its trusted content
direct to individuals. Reuters drives decision making across the
globe based on a reputation for speed, accuracy and independence.
Reuters has 17,500 staff in 94 countries, including 2,400 editorial
staff in 196 bureaux serving 131 countries. In 2006, Reuters revenues
were £2.6 billion.
William J. Coote
+44 207 542 8763