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.


A Better Budgeting and Planning Solution is here.

Microsoft® Forecaster is an affordable way to customize your budgeting and planning to give you the control you need to manage your business' performance. As soon as you enter a number, it's available for analysis, allowing you to see how it impacts revenue and costs. This streamlined budgeting and planning solution helps decrease the chance for errors and miscommunication. And with Microsoft Forecaster, changes are easy to make. Even last-minute ones.

Visit www.microsoft.com/forecaster for more information.

“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.

You may like these other stories...

Regulatory compliance, risk management and cost-cutting are the big heartburn issues for finance execs in the C-suite. Yet financial planning and analysis—a key antacid—is insufficient.That's just one of the...
Continuing its efforts to simplify accounting procedures, the FASB has issued a proposed Accounting Standards Update on customer fees paid in a cloud computing arrangement. The newly-proposed update (Intangibles—...
How are you planning? What tools do you use (or fail to use) for forecasting? PlanGuru is a business budgeting, forecasting, and performance review software company based in White Plains, N.Y. AccountingWEB recently spoke...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.