Translation: XML for financial statements
Alan Kotok
[EMAIL PROTECTED]
+1 703-518-4174
=============
April 06, 2000 08:47
AICPA Leads Global XBRL Initiative to Facilitate the Exchange of Financial
Statements Across All Technologies, Including the Internet
NEW YORK--(BUSINESS WIRE)--April 6, 2000--
United Effort Brings Global Financial, Accounting and Software Communities
Together to Create First XML-Based Specification Developed
for Financial Statements
The American Institute of Certified Public Accountants (AICPA) announced
today that as one of several sponsors of the international XBRL Project
Committee, it is helping to develop and launch XBRL (eXtensible Business
Reporting Language). XBRL for Financial Statements, formerly code named
XFRML, is a free, new XML-based specification that uses accepted financial
reporting standards and practices to exchange financial statements across
all software and technologies, including the Internet.
The AICPA has been working with several companies for more than a year to
develop the XBRL framework. The Institute spearheaded this initiative
because as the U.S. standards-setting body for the accounting profession
(along with the Financial Accounting Standards Board), it has the
infrastructure, knowledge, training and credibility necessary to secure
adoption of XBRL by participants in the financial information supply chain.
The AICPA also represents some of the primary users and preparers of
financial statements for both public and private companies.
Members of the XBRL Project Committee represent the global financial,
accounting and software and communities from around the world. XBRL for
Financial Statements, developed by the Committee as the first product in a
future family of XBRL-based products, is currently under review for
comments by any interested party with the financial information supply
chain and is anticipated to reach the market in July 2000. XBRL streamlines
the financial information supply chain that includes public and private
companies, the accounting profession, data aggregators, the investment
community and all other users of financial statements.
"As an important participant in the financial information supply chain, the
accounting profession supports the global adoption of XBRL because it
greatly benefits all users of financial information," said Robert Elliot,
Chairman of the AICPA " XBRL solves two significant problems for users and
preparers of financial statements by providing efficient preparation and
reliable extraction of financial data across all technology formats,
including the Internet. Costs to implement XBRL will be minimal for CPA
firms and their clients since it will be built into software technology and
operating procedures, allowing increased flexibility to prepare and extract
statements according to the accounting principles of different geographies
and jurisdictions."
XBRL offers several key benefits: technology independence, full
interoperability, efficient preparation of financial statements and
reliable extraction of financial information. Information is entered only
once, allowing that same information to be rendered in any form, such as a
printed financial statement, an HTML document for the company's Web site,
an EDGAR filing document with the SEC, a raw XML file or other specialized
reporting formats such as credit reports or loan documents.
More than 80% of major US public companies provide some type of financial
disclosure on the Internet. Investors and users of the Internet need
accurate and reliable financial information that can be delivered promptly
to help them make informed financial decisions. XBRL meets these needs and
is particularly important in delivering financial information via the
Internet, including at a company's Web site. XBRL leverages efficiencies of
Internet as today's primary source of financial information by making Web
browser searches more accurate and relevant for all users of financial
information.
"XBRL helps companies, analysts, investors and other audiences to make
better informed financial and management decisions and to leverage the
capabilities of the Internet to facilitate the exchange of financial
information," said Barry Melancon, President and CEO of the American
Institute of Certified Public Accountants. "XBRL provides an efficient and
reliable means of information exchange without changing existing accounting
standards. And, because it is based upon standardized, underlying data
tags, XBRL does not require a company to disclose any additional
information beyond that which it normally discloses in its current
financial statements."
The AICPA joins over 30 other companies and organizations on the XBRL
Project Committee. Participants include: Arthur Andersen LLP; Best
Software; CaseWare International; Canadian Institute of Chartered
Accountants; Cohen Computer Consulting; Crowe, Chizek and Company, LLP;
Deloitte & Touche, LLP; e-content, a division of Interleaf, Inc.; EDGAR
Online, Inc.; epartners; Epicor Software Corporation; Ernst & Young, LLP;
FRx Software Corporation; Grant Thornton LLP; Great Plains; Hyperion;
International Accounting Standards Committee; IBM; Institute of Chartered
Accountants in Australia; Institute of Chartered Accountants in England and
Wales; Institute of Management Accountants; KPMG, LLP; Lawson Software;
Microsoft Corporation; Morgan Stanley Dean Witter; Navision Software;
Oracle Corporation; PPA GmbH; PricewaterhouseCoopers, LLP; Reuters Group
LP; Sage Software; SAP AG; Standard & Poor's; and The Woodburn Group.
For more information about XBRL, please visit http://www.xbrl.org.
(formerly known as www.xfrml.org)
The American Institute of Certified Public Accountants
(http://www.aicpa.org) is the ISO 9001 certified national professional
organization of CPAs in the United States with more than 330,000 members in
public practice, business and industry, government, and education.
CONTACT: AICPA, New York
Joel Allegretti, 212/596-6236
or
colcomgroup, New York
T. David Colgren, APR
Brad J. Monterio
212/973-9828
pr@[EMAIL PROTECTED]
==========================================
XML/EDI Group members-only discussion list
Homepage = http://www.xmledi.org
Brought to you by: Online Technologies Corporation
Home of BizServe - www.bizserve.com
TO UNSUBSCRIBE: Send email to <[EMAIL PROTECTED]>
Leave the subject blank, and
In the body of the message, enter ONLY: unsubscribe
Questions/requests should be sent to: [EMAIL PROTECTED]
To join the XML/EDI Group complete the form located at:
http://www.geocities.com/WallStreet/Floor/5815/mail1.htm
