New XBRL Specifications Available for Public Comment

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Tags has prepared enhancements to its XBRL for Financial Statements, released earlier this year, and is soliciting public comments on the document.

The document, Extensible Business Reporting Language (XBRL) Specification, is available on the web site.

In an press release it was announced that the enhanced version of XBRL harmonizes with the new World Wide Web Consortium (W3C) XML Schema to better align itself with initiatives of the W3C and other XML organizations and share technology and tools.

"There is a tremendous amount of XML development and adoption taking place in the marketplace today with new and exciting software programs and tools being created," said Louis Matherne, co-chair of and Director of Business Assurance and Advisory Services for the AICPA. "By harmonizing XBRL with the W3C XML Schema, our members will be able to better leverage the underlying XML technology to share tools with all the players in the financial information supply chain, and thereby compress the timeline for adoption of XBRL."

XBRL for Financial Statements is expected to be available in its final version in late Summer to early Fall, 2001.

For more information about XBRL, visit AccountingWEB's XBRL Resource Center.

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