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XBRL International
has announced that it is forming a Standards Board (XSB) to strengthen the
quality of its technical materials and manage their production more
actively in order to accelerate adoption of XBRL around the
world. “The formation of the
XBRL Standards Board (XSB) is a milestone in the growing maturity of
XBRL,” Kurt Ramin, the chair of the XBRL International Steering
Committee (ISC), said. “Adoption is increasing rapidly and the Board will
ensure that our technical output is of the highest quality and that we can
respond quickly and efficiently to business needs.” XBRL International
will formally constitute the Board over the next few months but is
immediately setting up an interim Board. It has appointed Michael Ohata
of Microsoft Corporation as founding chair of the Board and issued a
call for nominations to other positions. XBRL members can see more
information on the call for applicants here. The decision to set
up the Board follows a review by the ISC of the process by which the XBRL
International consortium produces its technical material, which includes
specifications, technical guidance, test materials to help software
developers and requirements statements. This coincides with moves in a
number of countries to adopt XBRL. “Until now, the
production of XBRL technical materials has been overseen by the ISC”, Mr.
Ramin said. “The creation of the Standards Board will provide more
specialised and focused technical oversight.” Tasks of the Board,
which will be accountable to the ISC, include:
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XBRL has made
dramatic progress in the last few months, with plans for use around the
world growing in scope and momentum. US authorities
have combined strong statements of support for XBRL with action to promote
its use. Seventeen companies have joined the Securities and Exchange
Commission XBRL pilot, up from nine last year; a House of
Congress subcommittee on Capital Markets heard testimony on the
benefits of XBRL from leading members of the accounting and securities
industries, while the important Investment Company Institute has
announced an initiative to use XBRL for mutual funds. The FFIEC meanwhile
published a report on how successful the introduction of XBRL for US
bank reporting had been. The Bank of
Japan started live use of XBRL for gathering data from financial
institutions. The Singapore company regulator has launched a
project to introduce XBRL for online reporting, while Korea has
become an established jurisdiction. In Europe, the
UK government said XBRL would become mandatory for all company tax
returns after March 2010 – a major step in moving forward XBRL in the UK.
More than 10,000 company accounts in XBRL have been successfully filed to
Companies House, the UK agency responsible for collecting and publishing
company data, since XBRL filing began late last year. A UK Revenue service
for company tax filings in XBRL also went live. The National Bank
of Belgium published an XBRL taxonomy which will be used for financial
reports by some 290,000 companies from next year, while the first public
version of the COREP taxonomy for regulatory bank reporting
was released. Poland was approved as a new XBRL
jurisdiction. The United Arab
Emirates became the first XBRL jurisdiction in the Middle East.
The provisional jurisdiction is sponsored by the Abu Dhabi Securities
Market and will promote use of the IFRS taxonomy. It is organising the
first XBRL
event in the Middle East on 9 May, which will explain the benefits
which XBRL offers to companies in the region. | ||
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Peter Calvert XBRL International email: news@xbrl.org
web: http://www.xbrl.org |
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