XII Press Release

Use this to indicate this news item is a press release from XII.

2014 Awards for Project Excellence and Volunteer Leadership

The following organisations and individuals were recognized at the 2014 XBRL International Conference in Orlando for their contributions to the success of the XBRL Standard and XBRL International:

XBRL International Award for Project Excellence

XBRL International is pleased to recognize the following projects for innovative use of XBRL to enhance business reporting


Achievement in Securities Data Modernization
Emirates Securities and Commodities Authority

Advancement in Securities Regulation
Japan Financial Services Agency “EDINET”

Innovation in XBRL Reporting and Analysis
Ministry of Finance of the People's Republic of China

Innovation in XBRL and Open Data
UK Companies House

Advancement of XBRL Standards
European Banking Authority

 

XBRL International Volunteer Leadership Awards

XBRL International is pleased to honour the following individuals for their contributions to the success of the consortium and the advancement of the XBRL Standard


Leadership in the Development of the Table Linkbase Specification
Jon Siddle

Leadership in the Advancement of the XBRL Standard while serving as Chair of the XBRL Standards Board
Conor O’Kelly

Exceptional Contributions and Leadership in XBRL Specification Development
Herm Fischer

Dedicated Work in the Advancement of the XBRL Standard as a Member of the XBRL Standards Board
Olive Browne

Dedicated Work in the Advancement of the XBRL Standard as a Member of the XBRL Standards Board
Maciej Piechocki

Expansion of Public Knowledge and Awareness of XBRL as Chairman of the XBRL Best Practices Board
Makoto Koizumi

Outstanding Service in the Development of XBRL Best Practices
Michele Romanelli

Outstanding Support of XII’s Mission while serving as a Member of the XBRL Board of Directors
Karla McKenna

Outstanding Support of XII’s Mission while serving as a Member of the XBRL Board of Directors
Alfred Berkley

XBRL International Calls for Global Working Group to Define Standards for Corporate Actions Reporting

Goal to Reduce Costs and Enable Straight Through Processing On A Global Scale

The XBRL International Standards Board (XSB) has issued a call to financial regulators and listed company filers to form a global “Corporate Actions Working Group” to define XBRL taxonomies for standardizing the transmission and consumption of corporate actions events allowing straight through processing through the world’s financial systems.

Information about the working group is available at. Individuals with the following interests and expertise are strongly encouraged to visit http://xbrl.org/ca-wg and express their interest in participating by filling out the available online form. 

  • Corporate Actions Product Management
  • Corporate Actions Business Analysis
  • Corporate Actions Technology
  • Corporate Actions Operations production and consumption
  • XBRL and ISO 20022 standards
  • Data intermediaries
  • Investors/consumers of corporate actions messages

This project will build on the work initiated by the Depository Trust & Clearing Corporation (DTCC), SWIFT and XBRL US in 2009 that resulted in development of a draft taxonomy and business plan.

The mission of the XBRL Corporate Actions Working Group will be to define a global standard for corporate actions documents that can be tagged at origination by the issuer or the issuers agent and allow straight through processing of this information to the security holder, tightly integrated with relevant ISO20022 messages.

“The standardized reporting of corporate actions data will eliminate many of the costs associated with manual entry, reconciliation and operational errors that plague institutions that must use corporate actions data, ”  said  John Turner, CEO of XBRL International.Development in a newly formed working group would build upon the American  Depositary Receipt (ADR) pilot project conducted in the United States that standardizes the communication of corporate action information originating from Depositary receipt issuers such as BNY Mellon, Citi, JP Morgan, and redistributors such as GlobeTax.

Corporate actions are events that impact shareholders or debt holders of a company, such as stock splits, reverse splits, dividends, stock dividends, share buy backs, mergers, exchanges, name changes, etc. The distribution of such information has traditionally occurred via a press release issued by the company or a filing submitted to securities regulators, made available to processors and investors in a format that is not computer-readable. Transforming these messages into XBRL-format eliminates the need to rekey the data, thereby improving timeliness, accuracy and functionality of the information.

Over the last two years the XBRL community has worked on prototype taxonomies to standardize corporate action events modeled on US requirements. The Corporate Actions Working Group would be formed as an XBRL International Working Group to develop a truly global taxonomy that integrates with other international standards such as ISO 20022.

Transformation Rules Registry Version 3 Released as Candidate Recommendation

Improved Internationalisation for Inline XBRL

Version 3 of the Transformation Rules Registry (TRR) has been released as a Candidate Recommendation, bringing improved support for international dates and currencies to Inline XBRL.  The registry defines how strings that appear in Inline XBRL documents are converted to the formats required by the tags in an XBRL document.  This release adds support for Danish and Indian date formats, Indian numeric formats, and formats for increased flexibility in the representation of dates of Inline XBRL documents.

This new release of the registry is in response to requirements from around the globe and reflects the growing international adoption of Inline XBRL. Feedback on implementations are requested and may be sent to rendering-feedback@xbrl.org.

"Candidate Recommendation" is an indication that the specification now meets all identified requirements, and is ready for implementation in software.

TAGTF Releases First Public Draft of Taxonomy Guidance

The Taxonomy Architecture Guidance Task Force is seeking public comment on a new resource for the XBRL community – The XBRL Taxonomy Guidance Document. The document gives analysis and guidance on select taxonomy aspects that were chosen to cover a cross section of the challenges that taxonomy architects face, including the architectural choices for filing programs, data modelling and the application of taxonomy architecture features. Comment must be received by 5 June 2014.

http://www.xbrl.org/taxonomy-architecture-guidance

XII Appoints New Members to the XBRL Standards Board

(30 April 2014) – The XII Board of Directors has named five new individuals to the XBRL Standards Board (XSB). The XSB is charged with the oversight of the XBRL Standards making process and is drawn from leading members of the technical community. The Standards Board has significant independence in its actions, and creates and sets the direction of technical Working Groups comprised of experts in specific fields and that develops or maintains individual XBRL specifications. Learn more about XBRL Specifications at http://specifications.xbrl.org

The new members of the XSB are:

  • David Bell, EMEA Technology Director, RRDonnelly
  • Philip Engel, Data Architect & Technologist, XBRL US
  • Masatomo Goto, Manager, Fujitsu Labs EU
  • Haiko Philip, Manager, Bearing Point
  • Susan Yount, Director of Reporting Standards, WebFilings

“These new members bring a dynamic and valuable knowledge set to the XSB that will be put to very good use as we move to enhance and improve XBRL,” said John Turner, XII CEO. “We are grateful to the new members and all the individuals who sought positions on the XSB and look forward to their ongoing contributions”.

Newly appointed members will serve an initial one year term with effect from 6th May 2014.

Table Linkbase Spec Published as a Recommendation

The XBRL Standards Board and the Rendering Working Group are pleased to announce the publication of the Table Linkbase specification as a Recommendation.

The Table Linkbase specification represents an important and powerful addition to the XBRL specification stack, enabling template-style presentation and data collection of complex, highly dimensional data modelled in XBRL.
Recommendation is the final status of the XBRL International standards process, and indicates that the specification is stable, and is considered suitable for broad adoption and implementation

.
The Table Linkbase specification, and supporting conformance suite can be found on the XBRL Specification Site.

XII Seeks Technical Director

XII is seeking a permanent Technical Director to provide both strategic and operational support to the Technical Boards and Working Groups of XII and to advise the CEO and Board of Directors.

The Technical Director leads the technical work of the consortium, working largely with volunteer Working Groups and appointed members of the Standards and Best Practices Boards.

Candidates must be able to demonstrate:

  • Strong technical abilities, demonstrated both academically and throughout his/her career.
  • A clear understanding of the role of standards in IT solutions, and of standards development process.
  • The patience needed to see a complex body of work through to completion.
  • The tenacity and intelligence to make a significant contribution to the XBRL Standard.
  • The ability to think and act honestly and fairly in dealing with a wide range of fellow contributors, specifically an ability to openly consider alternative technical approaches so that the best decision can be arrived at.
  • Knowledge of other cultures and an ability and interest in working effectively with a wide range of people.

Candidates must also possess:

  • An ability to write very precise, clear and understandable technical prose.
  • Strong knowledge of the W3C’s internet data standards, specifically the XML stack.
  • An ability to encourage consensus through technical excellence, clear communication, and knowledge of the technical drivers to specific solutions.
  • A deep understanding of XBRL, both in theory, in practice and in software implementation(s).
  • Strong experience in requirements traceability and/or test driven development. An ability to independently develop test cases and conformance suite components.
  • An ability to rapidly and independently prototype aspects of a standard, and experiment with different options, in a programming language of the candidates choice.
  • An understanding of the XBRL technical governance and process mechanisms and an interest in and desire to drive standards to completion.
  • A proven ability to use XBRL, in the sense of constructing taxonomies, extension taxonomies, dimensional extensions, formula, table linkbases, instance documents, iXBRL documents and versioning reports.
  • Capacity to excel in the technical administration of Working Groups including taking minutes, managing issues registers and bug tracking, and helping the Chair manage and follow up on Action Items taken in meetings.
  • An ability to deal 1:1 with members of Working Groups, other members of the consortium and outside experts in order to actively elicit contributions, review and sample implementations.
  • At least a basic understanding of accounting and business reporting.
  • Good written and spoken competence in English, which is the working language of the XBRL consortium. Very strong English writing skills are sought after in this role.
  • A willingness and ability to travel internationally.

A competitive compensation package will be offered to the successful candidate. By negotiation, this position can be permanent part time (~30 hours per week). Interested parties should forward a current CV to ceo@xbrl.org not later than 11:59 UTC 11 April 2014.

Call for Implementations - Extensible Enumerations 1.0

The XBRL Standards Board (XSB) is pleased to announce that, at the request of the Base Spec Working Group, the Extensible Enumerations 1.0 specification has been approved as a Candidate Recommendation (CR).

A Call for Implementations is being issued at this time with the minimum response period ending on February 28th.

The Extensible Enumerations specification allows taxonomy authors to define enumerated lists in a manner that allows the list to be added to by extension taxonomies, and which allows labels for the enumeration items to be provided in multiple languages.

The Extensible Enumerations specification uses domain member networks, previously used for dimensions, to constrain the allowed values for primary reporting concepts.

The Specification as well as the conformance suite can be found on the xbrl.org website at http://xbrl.org/SpecCRs or at the following location directly:

Specification:  http://xbrl.org/Specification/ext-enumeration/CR-2013-12-18/ext-enumeration-CR-2013-12-18.html

Implementations and feedback are requested and should be sent to specification-feedback@xbrl.org

XBRL International Conference: Better Data for Better Decisions

(January 30, 2014) Washington DC - XBRL International, the global standards organization dedicated to improving business reporting, today announced that its 2014 conference, Better Data for Better Decisions, will be held in Orlando, Florida on June 9-11, 2014.  The conference is hosted by XBRL US, the US consortium for business information reporting, which is a jurisdiction of XBRL International. 

Regulators, accountants and financial market stakeholders are invited to attend this 3-day event focusing on the impact of structured data in the public and private sectors.  Significant global initiatives such as Standardized Business Reporting (SBR), and government performance reporting as envisioned in the proposed U.S. DATA Act legislation, will be presented.

The program will also emphasize efficiency gains and risk reduction in corporate actions processing and bank regulatory reporting, important areas where XBRL is enhancing the reporting process.

SBR programs – government-led initiatives designed to reduce regulatory burdens by allowing for simplified reporting through agreed definitions – are currently in place in the Netherlands and Australia, and in the planning stages in several other countries.  In the U.S., the DATA Act is a significant piece of legislation proposing the use of structured data for all government performance reporting.   Discussion of these programs will present both the business and technical perspective through implementation case studies covering results, lessons learned and future plans.

“Government data collection and regulatory reporting in the U.S. is extremely fragmented which is needlessly driving up costs and reducing the effectiveness of government.  Structured data reporting can significantly improve government programs, reduce costs and increase the effectiveness of regulatory mandates,” said Philip Moyer, SVP and Managing Director, Technology, at Safeguard Scientifics, who is also Chair of the XBRL International Conference Advisory Committee, “This program will be an extremely valuable forum for regulators, contractors, and policy makers to collaborate on the many lessons that have been learned from active government reporting initiatives.”

The program will feature panel sessions and case studies in one track, with hands-on technical sessions in a separate track. 

“Conference attendees will walk away with critical information on successful implementations around the world, coupled with technical skills that can be put to immediate use,” said John Turner, CEO, XBRL International.  “This is the first international XBRL conference being held in the US since the implementation of XBRL for SEC reporting.  Now is a key time to examine how the improvements structured data is bringing to business reporting across the globe, can be applied to government performance reporting, corporate actions and banking in the US and abroad.”

Who should attend? Regulators and other policy makers, IT professionals and technologists, government contractors, securities processors, investment data analysts and data aggregators will benefit.   Learn more and register at http://conference.xbrl.org . Media representatives should contact media-info@xbrl.org for complimentary media passes.
 

Public Working Draft of the Taxonomy Packages Specification Announced

The XBRL Standards Board and the Base Specification Working Group are pleased to announce the first Public Working Draft of the Taxonomy Packages specification.

Taxonomy Packages allow taxonomy publishers to include descriptive information within their taxonomies in a standardised format.  This information can be used by software to provide a simplified user interface when opening the taxonomy, and also to hide much of the complexity often associated with configuring software to use a downloaded taxonomy.

Prior to this specification, users had to consult accompanying documentation in order to identify the correct files to open within the taxonomy.  Using the Taxonomy Packages specification allows software to present a list of “entry points” with human-readable labels and descriptions.

Taxonomy Packages have been prototyped within the XBRL member community over the last two years, including successful adoption by a number of projects such as Corporate Actions.  This prototype has now been contributed to XBRL International, and has been used as the starting point for an XII standards track.

The Base Specification Working Group is actively seeking feedback on all aspects of this specification, but has specifically requested comment on the approach taken to the handling of URL remappings.
The XSB anticipates that additional requirements gathering in this area will identify further desirable features and encourages members of the community working on XBRL projects to contribute their business needs.

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