XBRL International constitutes and names members of
its Best Practices Board
Walter Hamscher (Standard
The consortium announcement emphasised that the
creation of the Board did not indicate any change in the basic XBRL
specification and related material. The Best
Practices Board seeks to enhance adoption of XBRL through development of
support materials and implementation guidance.
The decision to set up the Board follows a
review by the XBRL International Steering Committee (ISC) of the need for XII
to facilitate the sharing of learning from actual implementations of the
standard. This coincides with moves in a number of countries to adopt XBRL, an
electronic language which offers major benefits for the creation, communication
and analysis of financial and other business reports.
The board will charter Working Groups open to all XII members,
including:
- Software Interoperability
- Project Management
- Taxonomy Architecture
- Reporting Processes
Members of the Board include regulatory reporting and financial analysis
experts, and members with experience in software and program management. The
Board is accountable to the ISC.
About XBRL
XBRL enables computer-readable tags to be
applied to individual items of data in business reports, transforming them from
simple blocks of text into information which can be understood and processed
automatically by computer software. It offers cost savings, greater efficiency
and improved accuracy to all those involved in preparing, analysing or
communicating business information.
It can be used to express a wide range of
reports and disclosures including financial statements, internal management
information, regulatory returns, statistical reports, and credit filings.
The language is being developed and promoted by
an international non-profit consortium of some 500 major companies,
organisations and government agencies. Members cover all segments of the
business supply chain.
XBRL is an open standard, free of licence fees.
More information, including the full text of
the announcement of the XBRL International Best Practices Board, can be found
on the XBRL website at www.xbrl.org.
Contact:
Cheryl Neal
XBRL International, Inc.
1- 618-263-4383
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