XBRL News
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XBRL NewsThis 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. |
XBRL Assurance WG paper at World Congress of Accountants
XBRL Assurance WG paper at World Congress of Accountants
November 15, 2006
The XBRL Assurance Working Group presented the paper “Interactive Data: the Impact on Assurance, New Challenges for the Audit Profession" at the World Congress of Accountants (WCOA) held in Istanbul, Turkey. The paper, presented in a workshop on “Assurance for Digital Reporting”, resulted from research by the AWG into the assurance implications of Interactive Data or XBRL. As use of XBRL grows, reliance on the XBRL data will increase, leading to a need for assurance on that data by independent auditors or public accountants. At present, there are no internationally acknowledged standards to support the provision of such assurance.
XBRL International Call for Interest - Functions Working Group
XBRL International Call for Interest - Functions Working Group
November 22, 2006
XBRL International is calling on all those who are interested in participating in an XBRL International Working Group devoted to the topic of an XBRL Functions library to make their interest known by e-mail to WGAdmin@xbrl.org. In particular, suitable volunteers to Chair the Working Group are being sought. The XBRL International Standards Board (XSB) has determined that a Functions WG should be formed to deliver a standard library of XBRL-aware function interfaces and a registry that allows additional functions to be defined from time-to-time to encourage further standard development of the library. The primary audience for the output of this Working Group would be other Working Groups that are developing specifications which can benefit from the use of such functions, software vendors and in-house developers that produce XBRL 2.1 functions processors and taxonomy authors that want to express functions, either inside XBRL formulae, or elsewhere. Once sufficient interest has been declared in the Functions Working Group, a formal “Call for Participation” will be issued.
XBRL issues Call for Review of GL Taxonomy
XBRL issues Call for Review of GL Taxonomy
November 28, 2006
The XBRL International Standards Board has approved publication of the XBRL GL 2006 Taxonomy as a Proposed Recommendation and issued a Call for Review of the taxonomy. This is the final stage prior to the taxonomy becoming a full XBRL Recommendation. A Proposed Recommendation is a mature Technical Work Product that has gone through a thorough review for technical soundness and capability of implementation. The review period will last for 45 days and if no substantive issues are raised, the taxonomy will be proposed as a Recommendation. The GL Taxonomy is intended to enable the efficient handling of financial and business information contained within an organisation. It allows the representation of data found in charts of accounts, journal entries or historical transactions and enables it to be gathered and used efficiently across disparate accounting systems. All who have comments or wish to endorse the taxonomy should mail xbrlgl@xbrl.org before 15 January 2007.
New repository set up for XBRL project information
New repository set up for XBRL project information
November 29, 2006
XBRL Spain and the University of Bucaramanga (Colombia) have set up a repository for information on XBRL projects around the world. Project managers are called on to contribute data on developments. The repository will be a valuable source of information for those who are tracking XBRL progress, considering setting up projects or involved in implementations. It uses the latest ‘wiki’ technology, enabling easy and flexible updating of information by project managers themselves, as well as efficient display and searching. The repository is available through www.wikixbrl.org.
XBRL enhances performance management systems, report says
XBRL enhances performance management systems, report says
December 4, 2006
XBRL enhances Performance Management applications and offers immediate external benchmarking business benefits, according to a report released at the 14th International XBRL Conference in Philadelphia. The report debunks common myths on XBRL or Interactive Data, according to Cartesis, a leading specialist in finance and performance management software, who released the report in conjunction with Perception Partners.
Case Studies show benefits of XBRL in major projects
Case Studies show benefits of XBRL in major projects
December 5, 2006
XBRL International has released a range of case studies which show how important organisations are making use of XBRL. The studies underline the major benefits which flow from use of the standard. The studies cover XBRL projects at the central banks of Belgium, Japan and Spain, and at the Tokyo Stock of Exchange as well as the introduction of XBRL for US banking regulation by the FFIEC. They explain the background to each XBRL project, the reasons for adopting XBRL, the main steps involved, key results, lessons learned and next steps. They should be of interest to all those concerned with the practical use of XBRL.
Major product announcements at opening of XBRL Intl Conference
Major product announcements at opening of XBRL Intl Conference
December 5, 2006
A set of major XBRL product announcements marked the opening of the 14th XBRL International Conference in Philadelphia on 4 December. New products released at the conference included new taxonomy building software, solutions for XBRL conversion, rendering and publishing, XBRL add-ins for Microsoft Excel, software to enable specialised reports based on XBRL data and improved analysis capabilities for the EDGAR Online XBRL database of more than 11,000 companies.
Major product announcements at opening of XBRL Intl Conference
Major product announcements at opening of XBRL Intl Conference
December 5, 2006
A set of major XBRL product announcements marked the opening of the 14th XBRL International Conference in Philadelphia on 4 December. New products released at the conference included new taxonomy building software, solutions for XBRL conversion, rendering and publishing, XBRL add-ins for Microsoft Excel, software to enable specialised reports based on XBRL data and improved analysis capabilities for the EDGAR Online XBRL database of more than 11,000 companies.
US SEC Chairman says XBRL will greatly improve audit quality
US SEC Chairman says XBRL will greatly improve audit quality
December 5, 2006
The adoption of XBRL will significantly improve the quality of audits and cut errors by companies, US Securities and Exchange Commission Chairman Christopher Cox said. Delivering a keynote speech at the 14th XBRL International Conference in Philadelphia, Mr Cox said that XBRL could ensure the correct classification of business data - removing human intervention and error and freeing resources for higher-value work. It would make regulators, analysts and investors more productive. In wide-ranging remarks, Mr Cox declared that the SEC was committed to ensuring XBRL remained a truly international, open source standard. The widespread use of XBRL would aid in translating financial data between accounting systems and accelerate the development of a set of truly global accounting standards, he said.
Functions Specification released as public working draft
Functions Specification released as public working draft
December 11, 2006
Functions Specification 1.0 has been approved for release as a Public Working Draft by the XBRL International Standards Board (XSB). This specification defines XPath 2.0 functions to aid in the querying and creation of XBRL instance documents, effectively providing an XBRL-specific extension to XPath 2.0. It sets out a collection of functions which operate on XBRL constructs and defines their expected behaviour.
