XBRL Perspectives
June 2006
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Welcome to the XBRL International Members’ Newsletter - an easy way of keeping up with the main XBRL developments and issues around the world.

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XBRL International's new Standards Board (XSB) has started work, a major step towards strengthening XBRL technical output. The permanent members of the new Board were chosen during the Madrid international conference, following an interview process run by the XBRL International Steering Committee (ISC).

Michael Ohata of Microsoft Corporation has been appointed as the founding chair of the Board. Other members are Gianluca Garbellotto (DynAccSys, USA), David vun Kannon (PricewaterhouseCoopers, USA), Marc van Hilvoorde (KPMG, Netherlands), John Turner (Corefiling, UK), Ray Lam (JustSystems, US/Japan).

Tasks of the Board, which will be accountable to the ISC, include:
  • Increasing uniformly the quality, consistency and stability of XBRL International technical material.
  • Raising the level of openness and formality of the XBRL International standards setting process.
  • Managing the standards setting process more actively, resulting in improved interoperability which will accelerate adoption of XBRL.
Immediate work includes finalising a number of specific projects, such as XBRL support for calculations and report validation using formulae.

The consortium has emphasised that the creation of the Board does not indicate any change in the basic XBRL specification and related material. Adding to the stability of XBRL is one of the key goals of the XSB.

City Hall, Philadelphia
XBRL has announced that the next XBRL International Conference will take place in Philadelphia, United States, from 4-6 December 2006. A conference website has already been set up at http://conference. xbrl.org/.

A call for participation has been issued. We are looking for speakers willing to share XBRL experiences, talk about new solutions, and show new developments. Speakers who are accepted (on the basis of peer-reviewed abstracts) will join the list of recognised experts in XBRL-based technologies.

See Call for Participation and Contacts on the conference website for more detail on participation and whom to contact.

The 13th XBRL International Conference in Madrid from 15 – 19 May 2006 highlighted the rapidly growing range of implementations and projects around the world which are based on XBRL. A stream of presentations reported on its successful use in the financial and public sectors. With more than 470 delegates from twenty-one different nations, the conference was one of the largest XBRL International events to date. Strong participation from countries in Latin America underlined growing interest in that region.

Jaime Caruana, Governor of the Bank of Spain and Chair of the Basel II Committee, told the conference about the role of XBRL in Spain and international finance, highlighting the trends and requirements which XBRL can support. US SEC Chief Information Officer Corey Booth called for simple implementations of XBRL which can create real value in the shorter term.

Main announcements at the conference included:
  • The Bank of Japan said about 500 financial services companies had been reporting to it in XBRL since February. It was already seeing a significant reduction in the burden of data validation.
  • The Shanghai Stock Exchange announced that following the successful launch of its XBRL system for company reporting, covering data from more than 800 companies, it was extending its use of XBRL to cover fund information.
  • The UK Revenue, National Bank of Belgium, Belgian Banking Supervisor, Spanish Stock Exchange and Dutch government all reported on their plans for introduction of XBRL over the coming months, confirming timescales and the achievement of milestones.
  • The Spanish Securities Regulator has already received more than 12,000 company financial reports in XBRL, while more than 400 banks, some 90% of the banking sector, are now reporting in XBRL to the Bank of Spain.
  • ShinGinko Tokyo announced the launch of an online loan application service for Small and Medium Enterprises (SMEs) in the Tokyo area in which XBRL is used for loan and financial information. This opens up an important area for the use of XBRL.

    See the Madrid Conference Highlights Report on the XBRL website for further information. Click here for the full set of conference presentations.
  • Donner-accounts
    The Dutch Minister of Justice has electronically submitted the accounts of a Dutch company to the Chambers of Commerce in a demonstration of the use of XBRL and the new Dutch finanical reporting taxonomy.

    The photograph shows Justice Minister Piet Hein Donner sending a computer command to submit the accounts at the heaquarter of GIBO Group, which audited the data. The filing to the Dutch Chambers of Commerce used software provided by Accountview.

    The Dutch XBRL project, run jointly by the Ministries of Justice and Finance, is intended substantially to reduce the administrative burdens on Dutch business. It will enable all sizes of business to submit electronically their annual accounts to the Chambers of Commerce, file tax returns with the Tax Office and supply statistical economic data to Netherlands Statistics (CBS) in a more efficient and cheaper way.


    Peter Calvert
    XBRL International


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