XBRL for Tax, Banking, Corporate Actions and Capital Markets Expanding Globally
NEW YORK, NY, NOVEMBER 9, 2010 –The release of a national General Purpose XBRL Taxonomy by the China Ministry of Finance last month during XBRL21 mandates XBRL across banking, insurance, capital markets, taxation and audit in China. This represents the largest scale integration of the standard to date in the world, building upon a steadily increasing series of regulatory requirements to use XBRL in Japan, U.S., Australia, U.K., many EU member states and others for tax, annual accounts, corporate financials, mutual funds and standard business reporting.
“Governments and tax authorities are increasingly recognizing the power and value of XBRL in streamlining the gathering of information from the public and businesses and sharing that information across agencies efficiently and cost-effectively,” said Anthony Fragnito, CPA, CEO of XBRL International, Inc. “The reduced burden on governments using XBRL is substantial, as we have seen with the SBR programs in Australia and the Netherlands. Ireland’s Revenue Commission recently announced that it is planning to use XBRL for tax reporting; The U.K. HMRC requirement for tax reporting using the inline XBRL standard goes into effect next April; Germany, Denmark and other countries are also using XBRL for tax reporting. In total, millions of listed and privately held companies are using XBRL today for tax reporting. Look beyond that to XBRL requirements for listed companies, and the market is now seeing financial information in XBRL format from companies representing more than 75% of the world’s total market capitalization.”
An XBRL taxonomy developed by SWIFT, DTCC and XBRL U.S. for corporate actions was also presented during XBRL21 and is projected to save more than $900 million for organizations reporting and receiving billions of corporate actions transactions annually in the U.S. alone. “I expect to see increasing interest from other countries in the use of XBRL for corporate actions given the projected cost-savings, the improvement in accuracy, and the efficiency in analyzing important corporate communications to investors,” added Mr. Fragnito.
XBRL22, the next global gathering of tax authorities, securities commissioners, banking supervisors, corporate executives, accountants and technology vendors, will take place in Brussels, Belgium, May 17-19, 2011. With a theme of “Sharing Economic Information in a Global World,” XBRL22 will focus on the use of XBRL tagged data for performance measurement, business intelligence, management reporting, investment management, and regulatory oversight.
“With XBRL International’s recent launch of an abstract model working group, we ultimately hope to catalyze greater development of software tools that can gather and analyze XBRL formatted information,” added Mr. Fragnito. “The abstract model lays a solid foundation for software architects, engineers and developers to expand XBRL tools by creating a common specification blueprint, ultimately lowering development costs for solutions, project implementation, users and reporting entities.”
In other news, XBRL International’s CEO Anthony Fragnito issued the following statement related to the recent management changes announced by XBRL U.S.:
“On behalf of XBRL International, I would like to thank Mark Bolgiano and wish him success with his future endeavors. I would also like to welcome Campbell Pryde to his new role as President and CEO of XBRL U.S. The XBRL standard is being used by millions of businesses and many government agencies around the world today. XBRL International looks forward to our continued collaboration with XBRL U.S. and the other 26 jurisdictions around the world to educate the market about the benefits of XBRL and support its adoption.”
For more information about the upcoming XBRL22 global conference, please visit http://conference.xbrl.org/. For inquiries about sponsorship and exhibitor opportunities, please email sponsorship@xbrl.org.
About XBRL International, Inc.
XBRL International, Inc. (XII) is the global standard setting organization for XBRL (eXtensible Business Reporting Language), an electronic business reporting standard. XII is a not-for-profit consortium comprised of more than 650 public and private sector organizations from more than 30 countries that collaborate to improve decision making across business and government by enhancing the way that performance information is defined, prepared, exchanged and analyzed. XII is responsible for the ongoing development and maintenance of the XBRL standard and the promotion and support of its adoption. Interested companies and agencies are encouraged tojointhe XBRL International consortium and participate in building the future of electronic business reporting. To learn more about these opportunities visit About XBRL International.
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