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XBRL Revolution Has Begun


Spec for financial reporting on its way to becoming a mandate

By David Worthington
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December 27, 2007 —  (Page 1 of 2)
Extensible Business Reporting Language (XBRL) is poised to revolutionize financial reporting and analysis in the United States—provided stakeholders react favorably to a draft of the XBRL US GAAP Taxonomies. Its acceptance could clear the way for a mandate from the U.S. Securities and Exchange Commission later this year.

The draft, published on Dec. 5 by XBRL US, a consortium dedicated to the standard’s adoption in the United States, is under public review until the comment period ends April 4, 2008. XBRL US is encouraging auditors, investors, financial analysts, public company preparers and software providers to participate.

XBRL is an emerging XML-based standard to define and exchange business and financial performance information and is governed by the not-for-profit international consortium XBRL International. The taxonomies provide a set of tags that represent Generally Accepted Accounting Principles (GAAP) for financial reporting.

Both the European Union Central Bank Supervisors and the U.S. Federal Deposit Insurance Corp. have adopted XBRL as a standard for bank reporting.

David Blaskowsky, director the SEC's Office of Interactive Disclosure, explained that the comment period is intended for real-world users to ensure that the taxonomy is complete and to identify any remaining issues and gaps that need to be addressed.

A government-imposed mandate may follow suit. Blaskowsky said that the SEC was engaged in a “serious rule-making process” and could create a rule as the end of the first quarter. The SEC will hold roundtable events for stakeholders across the U.S. in the coming months.

He noted that the SEC is working closely with other financial regulatory bodies across the world. “There will be substantial benefits if the movement of information across borders can be facilitated,” he added. “The biggest win is the comparability and transferability of information.”

XBRL has received wide acceptance internationally for financial reporting: China and Japan mandated its use, and the United Kingdom is expected to make XBRL reporting obligatory by 2010.




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