The American Institute of Certified Public Accountants (AICPA) on Monday announced that XBRL-US, initially formed as a volunteer committee of the AICPA, will become an independent, not-for-profit organization.
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“As a founder of XBRL, the AICPA believes that the increasing engagement of business reporting supply-chain participants in this standards-based effort is an encouraging sign of market maturity and adoption,” AICPA President and Chief Executive Officer (CEO) said in a statement announcing the new organization. “With the SEC’s ongoing support of XBRL, this is the time for the business reporting community to step up its efforts to adopt XBRL more fully as a multipurpose solution for delivering information to management, investors, analysts and other consumers.”
Extensible Business Reporting Language (XBRL) is a language for the electronic communication of business and financial information. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using business information. Last year, the Securities and Exchange Commission (SEC) instituted the XBRL Voluntary Filing Program. Since then, SEC chairman Christopher Cox has publicly encouraged all SEC registrants to adopt XBRL for their filings.
“Chairman Cox’s advocacy of XBRL continues to send important messages to the business reporting community,” said Daniel Roberts, Chair of the XBRL-US Steering Committee. “XBRL-US leadership believes U.S. adoption of XBRL will benefit from a new structure that includes SEC funding and greater market participation”
The independent organization will continue as the chartered U.S. jurisdiction of XBRL International, Inc. and as a member-supported entity with two goals:
- To support the implementation of XBRL in the United States through the development of taxonomies for use by both the public and private sectors;
- To promote adoption of XBRL through conferences, pilot programs, educational materials and events.