XBRL

Technology

IASC Foundation seeks candidates for XBRL Advisory Council

The Trustees of the International Accounting Standards Committee (IASC) Foundation are today inviting applications for membership of its XBRL Advisory Council (XAC) and its XBRL Quality Review Team (XQRT).The XAC will provide strategic advice to the Trustees and the Foundation's London-based XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs). It will comprise ten members who should broadly reflect the diverse areas and professional interests affected by XBRL adoption and the implementation of IFRS taxonomies.

XBRL International appoints CEO

XBRL International announced that Tony Fragnito, CPA, has been appointed CEO of XBRL International.In this newly created position, Fragnito will lead the organization's efforts around the world to promote global adoption of XBRL and interactive data for business reporting. Fragnito comes to XBRL International from the Federation for American Societies for Experimental Biology (FASEB) based in Bethesda, Maryland, where he served as Deputy Director and CFO. He is also a CPA licensed in the Commonwealth of Virginia.

XBRL Names New Leader

The IASC Foundation, the oversight body of the International Accounting Standards Board (IASB), announced the appointment of Olivier Servais as team leader of the foundation's XBRL activities.
Technology

SEC Will Not Require XBRL Data Audits

Securities and Exchange Commission Chairman Christopher Cox announced that companies adopting eXtensible Business Reporting Language (XBRL) for regulatory filings will not need an additional audit of the conversion of their data, reported Reuters. As part of an XBRL roundtable discussion Monday, Cox said requiring an audit on converted financial data could result in "crib death" for the XBRL project.Currently, only about two dozen companies, including Comcast Corp. and General Electrics Co., are participating in the SEC's voluntary XBRL pilot program.

One Year Into The Largest XBRL Implementation to Date

“The FDIC has been a leader in the use of XBRL,” Federal Deposit Insurance Corporation (FDIC) Chief Information Officer (CIO) and Director of the FDIC’s Division of Information Technology, Mike Bartell told representatives of several government agencies in June 2006. “XBRL has fundamentally changed the way banks’ required quarterly ‘Call Report’ financial data are now collected, validated, managed and distributed to the public.

UBmatrix XBRL Processing Engine Goes Open Source

Chalk another one up for open source. UBmatrix has published the source code for its publicly released Java version of their Processing Engine as a new Open Source project on SourceForge.net.The http://sourceforge.net/projects/ubmatrix-xbrl/ project on SourceForge.net offers more than just the UBmatrix Processing Engine source code. It also includes a compiled run-time version, and a complete set of documentation, including sample code and an application program interface (API) guide.

XBRL and Auditing

“Call Report data transparency, quality and validation are top priorities for the FDIC,” Martin J. Gruenberg, FDIC Vice Chairman, explained at the 14th Annual XBRL International Conference in Philadelphia, Penn. in December 2006.

Voluntary XBRL Filing Program Launched in Canada

In 2006, the Canadian Securities Administrators (CSA) conducted a survey assessing the awareness of XBRL in the marketplace and the interest in an XBRL filing program. “The feedback we received from the marketplace indicated that about half of the respondents have some understanding of XBRL and a significant number are in favor of an XBRL filing program,” Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorite des marches financiers (Quebec).

Dutch National Taxonomy Project Selects UBmatrix Software Solutions

One of the most compelling benefits eXtensible Business Reporting Language (XBRL) offers adopting organizations is the ability to easily sort data across a variety of forms and reports.

CompSci Introduces XBRL Analysis Tool

Individuals interested in exploring how eXtensible Business Reporting Language (XBRL) is changing the way companies are filing financial reports should take CompSci Resources “Interactive Analysis” (iA) for a spin. XBRL lends itself to automated processing, however, it can be difficult to sift through the tagged data to read and understand the information. iA is an XBRL-Viewer that is able to retrieve, format and analyze data stored in XBRL instance documents.
Technology

Adobe Among Top Model Companies in Study of XBRL Filings

A recent study of the XBRL documents filed as part of the U.S. Securities and Exchange Commission’s (SEC) voluntary Filign Program (VFP) has name Adobe Systems Inc., an XBRL client of SimpleX Data Technologies, one of the model companies in terms of both quantity and quality of its XBRL filings. Since the VFP began in early 2005, Adobe has made six consecutive quarterly filings, all of which are fully validated and compliant with the specification.“Adobe is pleased to contributing to the development of a top-quality XBRL reporting standard.

A Closer Look at the SEC’s Voluntary XBRL Filing Program

“It’s no longer a matter of if but when” has become something of a catch-phrase among financial market insiders discussing the future of interactive data and eXtensible Business Reporting Language (XBRL). They point out that Securities and Exchange Commission (SEC) Chairman Christopher Cox is one of XBRL’s most vocal proponents and that the SEC’s voluntary filing program has been embraced by some very large and influential companies, although some significant challenges remain to be overcome before it is widely adopted.
Community News

AICPA Honors "Father of XBRL" Hoffman

UBmatrix, a leading provider of software and services leveraging the global XBRL standard, announced that UBmatrix Director of Industry Solutions - Financial Reporting, Charlie Hoffman, has been presented with the American Institute of Certified Professional Accountants' (AICPA) Special Recognition Award. He is honored for his role as a pioneer in the development of eXtensible Business Reporting Language (XBRL).
Tax

Largest Accounting Firms See Coming Revolution in Business Reporting

As part of the Global Public Policy Symposium in Paris, held on November 8 and attended by key players concerned with ensuring the quality and reliability of financial reporting worldwide, the Chief Executive Officers (CEOs) of PricewaterhouseCoopers (PwC) International, Grant Thornton International, Deloitte, KPMG International and Ernst & Young, published a joint statement of their vision of what the future might hold for financial reporting and the accounting profession.

Rivet Software Plays Big Part in SEC's XBRL Embrace

Denver-based Rivet Software, a longtime leading developer of XBRL technologies, has entered several new initiatives to advance XBRL, the fast-evolving electronic format for distributing and disseminating business report information.First and foremost, Rivet is part of a team of seven technology companies chosen by the Securities and Exchange Commission (SEC) to essentially convert the SEC Edgar system for collecting and distributing financial report information to an XBRL-based infrastructure.The group, which is led by Keane Federal Systems of McLean, Va., and also includes Microsoft Cor
Technology

XBRL-US Becomes Independent Organization

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.Advertisement
Technology

Mark Your Calendar: World Tax Regulators, XBRL Global Ledger Working Group Host Meeting

The Oasis Tax XML Technical Committee and the XBRL GL Working Group will offer an outreach event for accounting software vendors in San Francisco, CA., on October 5 and 6, 2006, to promote awareness on XBRL GL, the standardized Global Ledger, and encourage its incorporation in accounting software applications.Advertisement
Technology

SEC Offers Software Industry Opportunity to Join in Web-Based Design

The Securities and Exchange Commission (SEC) has announced plans for its own Web tools that will let investors and analysts exploit interactive data to analyze mutual fund and corporate information.
A&A

Roberts Re-Elected Chairman of XBRL-US Steering Committee

Grant Thornton LLP National Director of Assurance Innovation Dan Roberts has been re-elected as Chairman of the XBRL-US Steering Committee, which governs XBRL-US, a consortium of 70 organizations working to adopt a standard method of business and financial reporting in the U.S. and worldwide. The XBRL-US Steering Committee is made up of nine representatives of those members. Liv Watson of Edgar-Online was elected Vice-Chair of the XBRL-US Steering Committee.“This coming year will be a very busy one for the Steering Committee and for XBRL-US in general.
A&A

AICPA Launches Revamped Online CPE Site

The American Institute of Certified Public Accountants (AICPA) in May rolled out a much faster and user friendly training and library Web site, called CPExpress, formerly known as Infobytes. Feedback is extremely positive, say Dr. Paden Neeley, AICPA Vice President of Group Study and David Tolson, Director of CPE Product Development, who spoke with AccountingWeb recently about how the AICPA’s online CPE offerings and other training options meet the needs of small and mid-sized accounting firms. CPExpress is much faster than the previous site, says Tolson.

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