15th XBRL
INTERNATIONAL CONFERENCE IN
Leading Software
Developers, Financial Institutions, Analyst Firms and Regulators Discuss
Solutions to Help Companies Comply
Recently, the Financial
Times announced that the U.S. Securities and Exchange Commission will begin
formalizing a new rule that would require all public companies in the
http://www.ft.com/cms/s/db2c9e70-ff5c-11db-aff2-000b5df10621.html
Recent news
stories on XBRL adoption include the following:
(scroll down or use the links below)
- Financial Times 10 May 2007 FT.com site:
SEC aims to improve financial data.
- The Business Times 9 May
2007 - Open standard for financial statements to ease access by all
- The
Sunday Times 29 April 2007: March of progress; Agenda
- Dow Jones Newswires 8 March 2007 - Executive Pay To Be Cast In Spotlight
With SEC Data Tags
Will your
company and organization be ready?
At the 15th XBRL
International Conference in Munich on June 4-6, leading regulators, financial
service companies, software vendors, auditors and financial analyst firms will
be meeting to discuss global adoption & implementation of XBRL as well as
“live State of the Art demonstrations” of tools and resources available to
participants to better manage mandates and improve investor transparency of
financial information for better reporting.
These individuals include:
·
·
National
Taxonomy Project
·
Spanish
Securities Regulator
·
German
Commercial Register
·
Banking
Supervisory of
·
European Banking
Supervisors (Corep, Finrep)
·
Central Balance
Sheets Office in
·
DATEV
·
SAP
·
IASB
·
Nearly all ISC
members and Worldwide XBRL experts –
Don’t’
miss the opportunity for NETWORKING! It can save you a lot of time later.
Where: Holiday
Inn – City Centre
Hochstrasse 3
For
XBRL International Conference Information and Registration & Hotel
Registration please go to: http://conference.xbrl.org/
For more information related to
the conference: please contact Cheryl
Neal
at XBRL International, Inc. at (618)263-4383 or email: cherylneal@xbrl.org
or
Bodo
Kesselmeyer, Conference Director, at bodo@kesselmeyer.com
Rebecca
Knight in
382 words
10 May 2007
Financial Times (FT.Com)
English
(c) 2007 The Financial Times Limited. All rights reserved
The
Christopher Cox, SEC chairman, said on Thursday the rule would require all companies to report financial information in XBRL, or "extensible business reporting language".
The new format will make all data interactive, making it possible for investors to go online and easily compare information filed - including financial reports, company prospectuses and facts and figures on a mutual fund's risk, expenses and strategy.
Framing the issue as part of the "SEC's war on complexity", Mr Cox said the new reporting format would "enable investors to find what they need quickly and reliably, without having to pore through pages and pages of documents". "I've been fighting against legal-ese and gobbledygook for years," he said.
While much of this information is already available on the internet, finding it is a time-consuming task. Investors in search of financial information must often sift through lengthy corporate reports or mutual fund prospectuses, which, even online, tend to have narrow search capability. Interactive data pin down all this information, allowing investors immediately to dig out precisely the data they need.
Mr Cox said that the move to the new format would also benefit financial analysts and financial publishers, as evaluating companies could reduce inputting and re-keying costs and free resources to concentrate on building better analytical tools.
In a speech at the
Investment Company Institute's annual conference in
?Barney Frank, House financial services committee chairman, said his panel would hold a hearing next month to scrutinise the SEC, in response to criticism that its policies are increasingly favouring companies over investors.
Mr Frank, a Massachusetts
Democrat, said he would call all five SEC commissioners, including Christopher
Cox, to testify before the committee, which oversees the agency.
Wee Li-en
489 words
9 May 2007
English
(c) 2007
Singapore Press Holdings Limited
From November, companies
must use XBRL instead of PDF
formats when filing financial reports with Acra
(
The system - to be
introduced by the Accounting & Corporate Regulatory Authority (Acra) - aims
to improve regulation of companies and allow them to eventually file just one
set of financial statements that may be used by different agencies such as the
Inland Revenue Authority of Singapore, the Monetary Authority of Singapore and
the Singapore Exchange.
From Nov 1, companies will
have to file their financial statements in extensible business reporting
language (XBRL), an open
standard readable by computers, instead of portable document format (pdf) as
now.
At present, Acra cannot
provide financial reports other than extracts of financial statements lodged.
With XBRL it will be able to
create additional information services to better serve the business community's
needs.
For example, XBRL means users such as shareholders,
regulators and financial analysts will be able to get specific financial
information from Acra's online database instead of having to sieve through
physical copies of reports to get the data. Users will also be able to get
specific information on different companies, such as those in similar
industries, which will help them compare companies more easily.
Acra says regulators will
be able to focus on analysing information and save time on piecing it together.
XBRL has been adopted by regulators
in countries such as
With statements prepared
in a single standard format, Acra hopes a one-stop filing agency can be
established so the data can be transferred to other regulatory agencies with
similar filing requirements. This means companies need only file one set of
financial statements to the agency to fulfill their statutory financial
reporting obligations.
While this will save
companies time, directors should check information before it is submitted to
Acra because they will still be responsible for ensuring that financial
statements are correct.
Acra says it does not
expect companies to incur extra costs to implement XBRL because the tool required to prepare XBRL statements is provided free of charge on its website. It has
appointed partners such as the Singapore Association of the
On whether users will have
to pay more to get information in XBRL,
Acra says it is developing new products using XBRL data and will give more details later.
Companies incorporated in
More information can be
found at Acra's website at http://www.acra.gov.sg/xbrl/index.html
Business
John
Waples, Business Editor
247 words
29 April
2007
Business 4
English
(c) 2007
Times Newspapers Limited. All rights reserved
THE world is shrinking at
breakneck speed. Companies are increasingly global, stock exchanges are merging
to create opportunities for 24-hour trading, and the march of wireless
technology is creating instant access to all parts of the globe.
But -despite the best
efforts of the International Accounting Standards Board - these dramatic
changes have yet to sweep away the last national idiosyncrasies in financial
reporting, to create a genuinely global system for measuring business performance.
That may be about to
change thanks to the march of technology. In America, which has previously
clung to its own accounting standards, the Securities and Exchange Commission
has enthusiastically embraced a data-tagging system known as XBRL - extensible business reporting
language -which is already being adopted by the Shanghai and Shenzhen stock
exchanges, the Bank of Japan, and by many European financial regulators.
Think of XBRL as creating one vast Excel
spreadsheet, with a separate column for every publicly quoted company in the
world.
Quite apart from the
potential savings in having a single method for entering and validating data, a
move to XBRL could hugely expand
the universe of investable companies by enabling cross-border comparisons, and
increasing the visibility of thousands of firms that are today ignored by
analysts.
With companies now seeking
to appeal to global investor pools, the XBRL
initiative is an idea whose time has come.
By Judith
Burns
Of DOW
JONES NEWSWIRES
303 words
8 March
2007
15:43
English
(c) 2007
Dow Jones & Company, Inc.
WASHINGTON (Dow
Jones)--Executive pay and perks at companies will be cast in the spotlight
under a new Securities and Exchange Commission initiative.
The exercise will combine
two of SEC Chairman Christopher Cox's top projects: improved disclosure of
executive compensation and use of data-tagging technology.
The SEC adopted new
executive-compensation disclosure rules last year, which apply to all public
companies, beginning with their 2006 annual reports. Now, the SEC plans to
"tag" data on executive pay at some of the Fortune 500 companies,
using extensible business reporting language, or XBRL, and make the data publicly available by posting it on its
Web site in June.
SEC Chairman Christopher
Cox highlighted the plan Thursday in a speech to the Association of Corporate
Counsel, saying it would focus on several hundred of the largest
Data-tagging software,
such as XBRL, codes individual
bits of information, much like a bar code, allowing it to be easily retrieved
and analyzed. The experiment with executive compensation tagging will showcase
"the power and potential of XBRL
to improve usefulness and transparency" of corporate financial data, SEC
Corporation Finance Division Director John White said in prepared remarks to a
law group in Texas on Feb. 23, which were made available here.
White said the tagging
experiment likely will focus on the summary compensation table and details on stock options, such as the grant date
fair value of executive stock-options
and restricted stock awards.