XBRL US announces key findings

XBRL US announced key findings from its first-ever XBRL US Pacific Rim Technology Workshop last week, hosted by Hitachi America Ltd., at their headquarters in Santa Clara, California. Two major themes were identified throughout the workshop: 1) significant opportunities lie ahead for XBRL in non-compliance related areas such as corporate actions, social networking and social impact investing, and 2) the importance of continuing the dialogue surrounding the underlying technology and architecture to ensure global standardization and interoperability.
 

 The workshop was designed to bring together XML and XBRL experts from Pacific Rim countries to share ideas and brainstorm about advanced development topics including rendering, maintenance, versioning, business intelligence and data quality. Case studies from Pacific Rim countries were presented to highlight how XBRL is being put to practical use.
 

A discussion paper is being developed that will provide important findings from the 2 1/2 day workshop and will be available on the XBRL US Web site within the next few weeks. Highlights from the workshop that will be included in the discussion paper include:

 -- XBRL US, XBRL Japan and the IASB are working together to bring
      convergence to public company reporting taxonomies for Japan's EDINET,
      US GAAP and IFRS, through an ongoing evaluation of architecture,
      content, and the development and maintenance approach.
 -- Many companies in the US have begun filing per the mandate by the
      Securities and Exchange Commission (SEC), with fewer extensions and
      better data quality than expected.
 -- Maintaining taxonomies requires constant review, evaluation and change
      by all users to ensure high-quality, consistent data; the maintenance
      process in Japan and the US were compared and contrasted.
 -- XBRL could give companies the tool to create trusted content for use
      in social networks serving investors and analysts. Ensuring that XBRL
      content is discoverable, shareable, easily rendered and connected to
      the source document will drive the consistent and accurate re-use of
      financial information across the Web.
 -- Corporate actions was cited as the next major initiative for XBRL in
      the US marketplace, driven by SWIFT, DTCC (Depository Trust & Clearing
      Corporation) and XBRL US; a draft taxonomy has been developed which
      will soon be posted to www.xbrl.us for member review.
 -- XBRL was cited as an important gauge to measure social investing
      returns needed by all types of investors, ranging from philanthropic,
      who need to understand the social impact of programs in which they
      invest, to market investors that are looking for financial return.
 -- XBRL US is building tools for preparers, software companies and users
      of data including a database of US GAAP extensions from filings
      submitted, a tool to let users check that their XBRL-formatted
      documents are consistent with the US GAAP Taxonomy and a change
      management tool to evaluate taxonomy version changes.

 

A group of senior-level interns who have been working with XBRL US over the summer presented the results of project assignments, including the buidling of an extension databse, review of adherence to the EDGAR Filer Manual, corporate actions, and use of the XBRL formula linkbase.

Other discussions centered on topics in XBRL development including versioning, data consistency, database and business intelligence, tagging and rendering to outline the challenges, possible approaches and potential solutions.
 

Expert speakers at the conference represented CoreFiling, The Depository Trust & Clearing Corporation (DTCC), Ernst & Young Global, Fujitsu Research Institute, Goffengel Consulting, Hitachi America, Ltd., IASC Foundation, Informatica, ISO, JustSystems, Morningstar, Oracle Corporation, Q4 Web Systems, Inc., Rivet Software, Salesforce.com Foundation, SimpleX Data Technologies, SWIFT, UBmatrix, and XBRL US.
 

You can read more information about the Workshop, including presentations, detailed agenda and speaker bios, visit
 

About XBRL US

XBRL US is the non-profit consortium for XML business reporting standards in the United States and is a jurisdiction of XBRL International. It represents the business information supply chain, including accounting firms, software companies, financial databases, financial printers and government agencies. Its mission is to support the implementation of XML business reporting standards through the development of taxonomies relevant for use by US public and private sectors, working with a goal of interoperability between sectors, and by promoting adoption of these taxonomies through the collaboration of all business reporting supply chain participants. XBRL US has developed taxonomies to support U.S. GAAP and common reporting practices under a contract with the Securities and Exchange Commission. You can review the XBRL US GAAP Taxonomies..


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