XBRL.org is releasing XBRL for General Ledger software for public comment. The XBRL (eXtensible Business Reporting Language) software, which is XML (eXtensible Markup Language) based allows companies to exchange data on a global basis. The XBRL initiative is focused on the urgent need to bridge the gap between off-site or outsourced systems and back office accounting and reporting systems.
Users of XBRL for General Ledger will be able to share information needed for internal financial and managerial reporting with entities around the world.
"XBRL for General Ledger allows companies with a wide variety of accounting systems or outsourced operations to exchange data on a global basis for use in management decisions such as: consolidation, M&A, and joint venture operation and reporting situations," said Mike Willis Chair of XBRL.org and partner with PricewaterhouseCoopers.
XBRL for General Ledger is currently in a review state and is available for examination and comments by any interested party within the financial information supply chain. It is expected that the final version of the software will be available for public use in September, 2001.
To obtain a copy of the public comment version of XBRL for General Ledger, go to the XBRL.org Web site. Instructions for providing comments are explained there.
For more information about XBRL, visit AccountingWEB's XBRL Resource Center.