June 30, 2008
Alpha Natural Resources Among First U.S. Companies to Usher in New Era of XBRL Filing
Alpha Natural Resources didn't wait long to test the waters of the new US GAAP Taxonomy (UGT).
On June 23, the first day companies could file their XBRL documents using the new UGT, the supplier of high-quality Appalachian coal to electric utilities, steel producers and heavy industry became the first company to file its XBRL documents using the new US GAAP Taxonomy with the Securities and Exchange Commission (SEC).Using EDGARfilings' EDGARizerX software, the most advanced tool available for filing XBRL compliant-instance documents with the SEC, Alpha Natural Resources is also the first company from the mining industry to begin filing XBRL with the SEC.
XBRL, or eXtensible Business Reporting Language, is a set of extensions developed for the electronic communication of business and financial data. A barcode for business reporting, XBRL converts financial information into a computer readable format.
Under a set of recently proposed rules, the SEC is considering requiring filers to start filing XBRL as early as January 2009. However, a number of companies are opting to file earlier in the year due in large part to XBRL's benefits.
"Our company embraced XBRL early on," says Ted Pile, Vice President of Communications and Corporate Affairs for Alpha Natural Resources. "The technology makes our financial information far more accessible, transparent and useful to investors and the public at large. Plus, by being an early adopter, we are able to meet the mandate of the SEC ahead of schedule without rushing to meet the upcoming filing deadlines."
Many other companies are jumping on the XBRL bandwagon, eager to stay ahead of the curve and comply before the impending deadline arrives, according to Andrew Neblett, chief executive officer of EDGARfilings.
"Implementing XBRL doesn't have to be as difficult as many companies perceive," he says. "Once an organization finds the solution that best fits its needs, the process is a smooth one."
Neblett says organizations are far less intimidated by the XBRL implementation process once they have an opportunity to work with the EDGARizerX product.
"Users will find EDGARfilings' EDGARizerX is the most advanced and easy-to-use XBRL software application on the market," he says. "Just like our EDGARizer software, EDGARizerX enables users to become proficient publishers of their own documents in no time at all."
About Alpha Natural Resources
Alpha Natural Resources is a leading supplier of high-quality Appalachian coal to electric utilities, steel producers and heavy industry. Approximately 89 percent of the company's reserve base is high Btu coal and 82 percent is low sulfur, qualities that are in high demand among electric utilities which use steam coal. Alpha is also one of the nation's largest producers and exporters of metallurgical coal, a key ingredient in steel manufacturing. Alpha and its subsidiaries currently operate mining complexes in four states, consisting of 57 mines feeding 11 coal preparation and blending plants. The company and its subsidiaries employ approximately 3,600 people.
EDGARfilings is the leading provider of EDGAR filing solutions, serving thousands of financial, legal, accounting and corporate clients across the globe. EDGARfilings provides the quickest, easiest and most accurate way to file with the SEC. EDGARfilings' XBRL technology is the only solution that moves seamlessly from HTML to XBRL and files directly with the SEC. More Fortune 500 companies, law firms and printers trust their SEC compliance to EDGARfilings than any other provider.
For more information, visit www.EDGARfilings.com
FOR MORE INFORMATION: Jennifer Hulbert EDGARfilings, Ltd. [email protected] (713) 621-1897
SOURCE: EDGARfilings, Ltd.