Standards Committee Issues Draft of XBRL for Financial Statements

By Hane, Paula J. | Information Today, April 2001 | Go to article overview

Standards Committee Issues Draft of XBRL for Financial Statements


Hane, Paula J., Information Today


During its first global meeting in February in London, the XBRL.org Committee announced that one of its member organizations, the London-based International Accounting Standards Committee (IASC), has released a draft taxonomy of XBRL for Financial Statements to members of XBRL.org for review. The IASC plans to release its taxonomy for public comment shortly.

The IASC taxonomy is an XML-based specification for the commercial and industrial sector that allows users and suppliers of financial information to exchange financial statements across all software and technologies, including the Internet. Expected to be final in the next few months, the IASC taxonomy, which is based on International Accounting Standards, will help many countries, including those in Europe and Asia, to develop and implement XBRL (eXtensible Business Reporting Language) for financial statements.

The Institute of Chartered Accountants in England & Wales (ICAEW), also a member of the XBRL.org Committee, has formed a broad-based steering group in London that's in the process of developing the U.K. taxonomy for financial statements. "Many countries in Europe and Asia are using International Accounting Standards today," said Brian Carsberg, IASC's secretary general. "XBRL will enhance the transition to full alignment for those countries currently using their local standards to transition to International Accounting Standards. XBRL incorporates standardized data tags, thereby giving a consistent approach and application of the specification to a particular country's accounting principles."

"Companies tagging their financial statements in XBRL can immediately realize some of its major benefits: a streamlined financial reporting process, technology independence, full interoperability, and reliable extraction of financial information," said Mike Willis, XBRL. …

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