This is a listing of XBRL news from around the world. If you have news that you would like to share, please send it to us.
August 30, 2012—The Financial Accounting Standards Board (FASB) today released the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 29, 2012.
*Please note* XII administers a taxonomy recognition process. Acknowledged and Approved taxonomies from XII are listed on the XII web site and information related to the program is available at http://www.xbrl.org/TaxonomyRecognition.
The proposed 2013 U.S. GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the U.S. Securities and Exchange Commission (SEC). The 60-day comment period is intended to solicit feedback on these updates from users of the taxonomy and to provide SEC filers, service providers, software vendors, and other interested parties with the opportunity to become familiar with and suggest revisions to the taxonomy, including incorporating new elements for current filings.
The 2013 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2013.
XBRL25 will feature 9 learning tracks covering all of the latest developments and trends in using XBRL to improve the efficiency and quality of business reporting.
- XBRL Technology – Semantics, Standard and Best Practices
- Academic Developments
- Evolving Assurance Guidelines for Information Reports (Half Day)
- Leveraging the Benefits of Structured Data within Nonfinancial Domains
- Interactive Expo
- Business Intelligence, Data Analytics 2.0
- Building Confidence in the Banking Sector
- Opportunities and Challenges in the Insurance Sector
XBRL International (XII) is seeking candidates to fill committee positions on the following three (3) XII Standing Committees: Nominations Committee, Membership Development Committee , and the Finance and Human Resources (FHR) Committee. Serving on an XII committee is an excellent way to make new contacts in the community, share your knowledge and demonstrate important collaboration and leadership skills.
The nominations period opens on 23 July 2012, so please review the committee descriptions and decide which one might be best for you. These committees are critical to the continued successful operation of XII and the advancement of the XBRL standard. Nominations are due by 23.59 UTC on Monday 10 September 2012.
Develops and oversees the procedures for the eligibility, nominations, appointments, elections, sign-up and recruitment of the Board of Directors, the Best Practices Board, the Standards Board and various other Committee positions within the Organisation.
Membership Development Committee
Membership Development Committee participants are sought to aid in the recruitment and retention of members in the organisation, including the development of new jurisdictions, the recruitment of new direct and jurisdictional members and the evaluation and continuous improvement of the XII value proposition.
Finance and HR Committee
The Finance and Human Resources Committee oversees the financial operations for the organization, including budget preparation, monitoring, risk evaluation and the audit process. The committee also evaluates the CEO and volunteer resources.
Elected committee members serve a term of two years with the option to be re-elected for an additional term.
Eligibility & Requirements:
XBRL International invites interested parties to submit their CV together with a candidate statement supporting their nomination by private email directly to email@example.com no later than 23.59 UTC on Monday 10 September 2012. When submitting a nomination please specify for which Committee you are applying. Only nominations directed to firstname.lastname@example.org will be considered.
The candidate statement should specifically address the following:
- Experience/involvement with the XBRL International organization.
- Experience/involvement with any XII activities/initiatives/projects.
- What special skills or experience do you believe you will bring to the specific XII Committee for which you are applying?
Individuals may nominate themselves. If you would like to nominate someone other than yourself, however, please allow sufficient time for us to contact the individual concerned to ask them whether they are willing to accept the nomination and submit their CV and candidate statement by the above deadline. Nominees may exhibit interest in multiple committees with order of priority (1st choice, 2nd choice etc.). As these are working positions, candidates should ensure that should they be elected, that they have sufficient time and employer support to devote to their respective Committee Role(s).
The Election procedures for the vote on nominees for these Boards/Committees are as follows:
- The Nomination Committee will review the completeness of all candidate submissions
- Candidate materials will be made available to the electoral body (e.g. Member Assembly)
- Candidates for the XII Nominations Committee, Membership Development Committee and Finance & Human Resources Committee will be voted on by the Member Assembly. (Note: all voting representatives eligible to vote in the Member Assembly will vote on these candidates).
The Nominees will be elected to the above mentioned Committees at the XII Member Assembly meeting in Yokohama, Japan on Monday, 5 November 2012.
If you have any questions concerning this election or the expectations regarding committee service, please address them to email@example.com.
XBRL International will be holding elections for the XBRL International Board of Directors (XII Board) during the XII Member Assembly meeting held on Monday 5 November, 2012 in Yokohama, Japan. The XII Board is currently seeking candidates for the following categories:
- Two (2) Jurisdiction Voting Representatives;
- Three (3) At-large seats, of which one is reserved for the Treasurer, eligible to any candidate (including Jurisdiction and Organizational Direct members, any XII eligible participant or any other individual).
The Nominees will be elected to the XII Board at the XII Member Assembly meeting in Yokoyama Japan on Monday 5 November 2012. As these are working positions, candidates should ensure that they have sufficient time and, if appropriate, employer support to devote to this position.
The Election procedures for the vote on nominees for XII Board of Directors are as follows:
- Nominees will be solicited by XII Nominations Committee
XII Nominations Committee will:
- Prepare a ballot from eligible candidates for the Jurisdictional Voting Representatives (Note: only Jurisdictional Voting Representatives will be eligible to vote for this category of Board member). Each eligible voting representative will cast one vote for each seat available. (i.e. 2 Board seats from this category – 2 votes may be cast for 2 different candidates);
- Present a slate of nominees for the At-Large Board of Director positions to the Member Assembly (Note: both Jurisdictional and Organizational Direct Voting Representatives will be eligible to vote for this category of Board member). This slate of candidates will be considered in total, not voted on individually;
The XII Nominations Committee will conduct the actual election, tally the votes and report to the Member Assembly the results.
Board members serve for a period of two years. Board members may be re-elected to serve a second consecutive term. After serving two consecutive terms, Board members are eligible for nomination after a two year absence.
Eligibility & Requirements
The XBRL International invites interested parties to submit their CV together with a candidate statement supporting their nomination by private email directly to firstname.lastname@example.org no later than 23.59 UTC on 10 September 2012. When submitting a nomination please specify for which category you are applying.
The candidate statement should specifically address the following questions:
- Any experience/involvement with the XBRL International organization.
- Tell us about your experience/involvement with any XII activities/initiatives/projects.
- What special skills or experience do you believe you will bring to the XII Board?
Individuals may nominate themselves but the Nominations Committee will also be pleased to accept nominations of individuals from other people. However if you would like to nominate someone other than yourself please make the nomination in sufficient time to allow us to contact the individual concerned to ask them whether they are willing to accept the nomination and submit their CV and candidate statement by the above deadline.
The key dates to bear in mind are as follows:
- 23 July 2012 - Nominations period opens
- 10 September 2012 at 23:59 UTC - Nominations period closes
- 5 November 2012 - Elections take place at Yokohama Member Assembly meeting
The election will be administered by the Nominations Committee of XBRL International.
If you have any queries concerning this election or on the role of a Board member please address them to email@example.com.
(15 June 2012) – XBRL International (XII) today released the second public working draft of its Abstract Model. The abstract model has been developed as a means of establishing a common framework for communicating and understanding the XBRL technology. The abstract model provides a conceptual framework for understanding XBRL and gives developers a strong foundation for implementing XBRL solutions.
The release of a public working draft is a key opportunity for XII members, Jurisdictions and other stakeholders around the world to influence the development of XBRL. The second PWD of the Abstract Model may be found at: http://xbrl.org/Specification/abstractmodel-primary/PWD-2012-06-06/abstractmodel-primary-pwd-2012-06-06.html
The development of the XII Abstract Model is led by the Abstract Modelling Task Force and includes use case diagrams, class diagrams, object diagrams, and sequence diagrams. It is a key component of Preserve Promote Participate, the strategic core vision developed by the XBRL Standards Board to continue the momentum of the XBRL standard.
The AMTF is supported by:
(7 June 2012) -- XII is pleased to announce the launch of the XBRL International API Task Force (API-TF), which has been tasked by the XBRL International Standards Board to oversee the development and delivery of XBRL APIs as identified under the “Preserve Promote Participate” strategy initiative.
An application programming interface (API) enables software applications to connect to and interact with other technologies. By standardizing the APIs created for XBRL through the use of API signatures, XII hopes to provide more choice, consistency, and interoperability in the software and tools used for XBRL-based projects.
Standardizing how XBRL interfaces with other technologies offers the following benefits:
• Provides software developers with a familiar point of entry into XBRL
• Delivers useful learning tools for developers wishing to incorporate XBRL
• Encourages open source implementations of XBRL API signatures
“This effort is critical to making XBRL easier to use for software developers and vendors, as well the open source development community,” said Conor O’Kelly, chair of the XII Standards Board. “We appreciate the contribution of our volunteers in their support of our goals to encourage adoption and prepare the XBRL Specification for future opportunities.”
The API Task Force will define a common set of capabilities that XBRL APIs will support, including implementation-independent API signatures and supporting materials. The Task Force will incorporate the XBRL Abstract Model currently under development by XBRL International.
(4 June 2012) -- XII is pleased to announce the election of four new members to the Best Practices Board (BPB). The new members of the Best Practices Board are:
- Chao Li, CAS Taxonomy Team, PwC, China
- Ian Hicks, Corefiling, UK
- Rita Ogun-Clijmans, IASB, UK
- Brad Monterio, ColcomGroup, US
“These candidates bring an exciting array of knowledge and talent to the BPB,” said Tony Fragnito, XII CEO. “Their contributions will provide additional resources to the BPB and accelerate delivery of critical guidance and market resources to the community.”
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17 May 2012 -- XBRL International (XII) is pleased to announce the appointment of Ashu Bhatnagar as Director of Standards and Practices, effective 21 May 2012. Bhatnagar will be responsible for providing strategic guidance and operational leadership to the Technical Boards and Working Groups of XII as well as developing key practice guidance for adopters of the XBRL specification.
“Ashu’s experience in creating widely utilized XBRL tools and services for the US, UK, Indian and emerging markets is important as the specification reaches a more mature stage and becomes more widely adopted for all facets of business reporting,” said Tony Fragnito, CEO of XII. “He will play an integral role in maintaining XII’s leadership role in providing both technical and business process information, resources and guidance to the developers and users of XBRL.”
In addition to managing the process for the ongoing development and maintenance of the XBRL specification, Ashu Bhatnagar will also be responsible for advancing a comprehensive program to create practice guidance resources for the XBRL community that identifies emerging trends and provides key information to the XBRL community on a broad range of technical and market issues.
Ashu Bhatnagar most recently served as the CEO of Good Morning Research - SoftPark USA, which serves financial analysts and investment professionals globally with tagging, uploading and distribution of investor presentations, annual reports and company financials. He also developed, launched and managed FreeXBRLonline.com, which provides XBRL conversion services and XBRL tagging software for regulatory filings such as Corporation Tax - Accounts and Computations for HMRC UK, and Annual Accounts filings for companies under mandate by the Ministry of Corporate Affairs, India.
Prior to that Ashu Bhatnagar was Vice President and Product Manager of Modelware Web at Morgan Stanley. And before that he has twenty years of experience in product development and product management at JPMorgan Chase, Citibank and Digital Equipment Corporation.
Ashu Bhatnagar holds a Master of Science in Electrical Engineering from the University of Rhode Island, and a Bachelor of Science in Electrical Engineering from the Indian Institute of Technology. He also did graduate studies at the Massachusetts Institute of Technology and as an Adjunct Faculty taught graduate courses in Advanced Computer Architectures and Parallel Processing at the University of Massachusetts.
Mr. Bhatnagar has presented on Semantic XBRL topics at several International forums, including W3C/XII Workshop 2009, SemTech 2010, 15th International Conference on Information Quality 2010, The Columbia Institute for Tele-Information (CITI) at Columbia Business School 2010, and 5th MIT Information Quality Industry Symposium 2011.
Reciprocal Membership to Explore Interoperability
15 May 2012 -- ACORD and XBRL International (XII) announced today that they have agreed to explore areas in which their XML-based standards may present interoperability opportunities. XBRL has become an Association Member of ACORD, and ACORD is a Direct Association Member of XII.
ACORD recently kicked off a collaborative research project with members of the XII community and will publish a proof of concept paper that describes areas where ACORD data standards may map to XBRL insurance solvency and other business information taxonomies. XII Direct Member Business Reporting Advisory Group (BR-AG) from Poznan, Poland, a premier XBRL business reporting consulting firm whose clients include banks and regulatory authorities worldwide, is working on the technical paper with ACORD.
"The ACORD data standards and ACORD Framework are integral to the insurance industry's continual drive toward efficiency," said ACORD President & CEO Gregory A. Maciag. "Alliances with organizations like XBRL are one more way ACORD supports standards interoperability. The global tipping point for data interoperability is here; the insurance industry is ready."
"With XBRL having been chosen by EIOPA in 2011 to harmonize the reporting of insurance data across Europe, the possibility of standards interoperability presented by this strategic alliance with ACORD is more critical than ever," added XII CEO Tony Fragnito. "As regulators, analysts and the public increasingly demand ever more transparent and efficient sharing of data, collaboration between standards organizations will need to become the norm, and we're pleased to be leading the way with ACORD."
The strategic alliance is the culmination of recent areas of cooperation, including XII exhibiting at the ACORD LOMA Insurance Systems Forum in Florida, and ACORD staff presenting an introduction to the ACORD standards and Framework at the 24th XBRL International Conference in Abu Dhabi. ACORD and XBRL staff and community members from various programs and working groups will engage in dialogue to explore other areas where the standards may work together, and plan to publish a year-end update and roadmap outlining those plans.
(3 May 2012, Helsinki) – XBRL International (XII) today announced that XBRL Finland, a joint venture of key public and private organizations aimed at raising awareness of the XBRL standard (eXtensible Business Reporting Language) in Finland has been granted Provisional Jurisdiction status. By naming XBRL Finland as a Jurisdiction, XII is recognizing the group as Finland’s representative to the global consortium that maintains the XBRL standard and supports the adoption of this business reporting standard.
“XII is pleased to welcome Finland to the community of financial, business and technology leaders that are responsible for XBRL – the world’s leading language for the sharing of business information,” said Anthony Fragnito, CEO of XBRL International. “Finland has long been a technology leader and a pioneer in areas such as e-invoicing. XII’s efforts to further the global adoption of XBRL will benefit from their expertise and insight.”
The authorities related to financial reporting (National Board of Patents and Registration, Tax Administration, Federation of Finnish Financial Services) have recognized the value and possibilities of XBRL. They perceive the XBRL standard very positively and also as necessary to secure the competiveness of Finnish companies. “The main task of the National Board of Patents and Registration is to maintain and supply accurate and timely information about the Finnish companies to different stakeholders. The nationwide adoption of XBRL in Finland will bring significant improvements to the quality of the reports and also substantially speed up the processing time of the financial reports thus providing more timely information for the end users.” summarizes Olli Koikkalainen from the National Board of Patents and Registration of Finland.
“XBRL Finland shows that with a strong vision and the right business case it is possible to mobilize key stakeholders in financial reporting to join forces to support the adoption of XBRL,” states Dave van den Ende, chairman of XII’s Membership Development Committee.
XBRL Finland’s key objective for the coming year of will be to create the taxonomy for financial statements according to Finnish GAAP (FAS, Finnish Accounting Standards). After that, the FAS taxonomy will be tested and arrangements will be made with regulatory authorities to start receiving financial reports in XBRL. The goal is begin XBRL filings in 2014. Other activities for XBRL Finland will be to raise awareness about XBRL, educating different stakeholders and acting as a link between XBRL International and developments throughout the Nordic Region.
“We are very excited to have been able to gather together all the central organizations regarding business reporting to our consortium. Joint work to initiate XBRL reporting in Finland has already started and the work is progressing at a good pace,” stated Elina Koskentalo and Esko Penttinen from XBRL Finland.
About XBRL Finland
XBRL Finland is a joint venture of key public and private organizations. Aalto University is the host organization for XBRL Finland consortium and the founding members are: National Board of Patents and Registration, Tax Administration, Federation of Finnish Financial Services, Association of Finnish Accounting Firms, Aalto University, KPMG, PwC, Tieto, Aditro, Asiakastieto, Kauppalehti Tietopalvelut (Balance Consulting), Finnish Information Society Development Centre, Åbo Akademi, Hanken, IBM Finland and Deloitte.