The waiting room and Best of Web…

September 25, 2007

images-25.jpegWe take a break from our usual trawl through the filings in anticipation of the SEC’s “major announcement” about XBRL (there’s a video link here). Though the press conference, which promised “CEOs, and other representatives of SEC filers, accounting firms, technology firms and investors” was supposed to start at 10 am, it’s clearly running late, judging by the background noise and the sound of someone using large amounts of masking tape (and a discussion about the tape, too, which is beyond fascinating!)

While I wait, I thought I’d share some exciting news about footnoted.org, which made Business Week’s Best of Web list. What’s interesting is that footnoted didn’t make the list for blogs, but for financial sites (it’s slide No. 4), putting it in the same category as slightly larger sites (with significantly larger staffs) including the WSJ, Bloomberg, and Marketwatch. Footnoted continues to rely on the generous support of its loyal readers. I hope you’ll use this opportunity to make a donation using the buttons to the right.

I’ll be back later with my thoughts on the major announcement.

UPDATE: I freely admit that I may be missing something and to be sure, footnoted spends more time focusing on weird text strings than funky numbers, but it’s hard to get all that excited about today’s news, especially since it seems like just another step in the process. Even the press release said that “investor-friendly financial reporting moved closer to reality today” as opposed to was already here.

My favorite part was when David Gardner, of The Motley Fool, asked a question about what Sally Q. Fool should make of today’s news. Sally, David hypothesized, was a time-pressed single mom. Without missing a beat, Chris Cox shot back that Sally “will have a lot more time to spend with her kids” now that XBRL is here, since she won’t have to try and figure out which SEC filings to read and what numbers to look at in the filings. We’re all for making things easier here at footnoted, but it’s hard to believe that Sally Q. would really get all that excited about XBRL.

Here’s another view on today’s news from the folks at Financial Executives International.

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