XBRL.org Harmonizes XBRL with W3C XML Schema
XBRL.org Releases Enhanced XML-Based Specification for Public Comment
Harmonizes XBRL with W3C XML Schema To Better Align With Other XML Organizations and Share Technology and Tools
R.R. Donnelly, CPA2Biz, Bowne & Co., U.S. Census Bureau, FDIC and Others Join Effort to Secure Adoption of XBRL
New York, NY, USA. June 19, 2001
XBRL.org announced that it has prepared enhancements to its current specification, XBRL for Financial Statements, for public comment.
The enhanced version of XBRL harmonizes with the new World Wide Web Consortium (W3C) XML Schema to better align itself with initiatives of the W3C and other XML organizations and share technology and tools.
"There is a tremendous amount of XML development and adoption taking place in the marketplace today with new and exciting software programs and tools being created," said Louis Matherne, co-chair of XBRL.org and Director - Business Assurance and Advisory Services, AICPA. "By harmonizing XBRL with the W3C XML Schema, our members will be able to better leverage the underlying XML technology to share tools with all the players in the financial information supply chain, and thereby compress the timeline for adoption of XBRL."
Several leading companies and organizations have recently joined the XBRL initiative, including R.R. Donnelly & Sons, Federal Deposit Insurance Corporation, CPA2Biz, Thomson Financial; RIA, and Bowne & Co., bringing the XBRL.org roster to over 95 members hailing from 18 countries.
The XBRL initiative is expanding globally as industry sectors and foreign jurisdictions begin development of their own XBRL implementation. In North America, leading technology solution providers such as FRx (a division of Microsoft Great Plains Business Solutions), ACCPAC, XBRL Solutions, Navision, Newtec, and e-Numerate have recently announced upcoming application solutions for XBRL for Financial Statements.
"As more technology companies develop XBRL tools, the greater the likelihood of XBRL adoption among all members of the financial information supply chain," added Matherne.
XBRL for Financial Statements is currently under review for comments by any interested party with the financial information supply chain and is anticipated to reach the market late Summer to early Fall. With the enhancements of XBRL both public and private companies can begin to incorporate XBRL into their financial reporting processes and immediately realize some of its major benefits: a streamlined financial reporting process, technology independence, full interoperability, and reliable extraction of financial information.
For more information about XBRL, please visit http://www.xbrl.org.
Members of the XBRL.org Committee include: ACCPAC International, Inc.; ACL Services Ltd; Advisor Technology Services, LLC; American Institute of CPAs; Arthur Andersen LLP; BDO Seidman LLP; Best Software; Bowne & Co., Inc.; Bridge Information Systems; Bryant College; Business Wire; Canadian Institute of Chartered Accountants; CaseWare International Inc.; Certified General Accountants of Canada Association of Canada; Cogniant, Inc.; Royal NIVRA; Count-net.com SA; CPA Australia; CPA2Biz; Crowe, Chizek and Company LLP; Deloitte & Touche LLP; Defense Finance and Accounting Service (DFAS); Dow Jones & Company, Inc.; Dresdner Kleinwort Benson; Deutsche Bundesbank; EDGAR Online, Inc.; eKeeper.com; eLedger.com, Inc.; Elemental Interactive; e-Numerate Solutions Incorporated; ePace! Software; ePartners, Inc.; Epicor Software Corporation; Ernst & Young LLP; Federal Deposit Insurance Corporation; Fidelity Investments; Financial Software Group; FinArch; First Light Communications, Inc.; FRS; FRx Software Corporation; Gcom2 Solutions; General Electric Company; Global Filings, Inc.; Grant Thornton LLP; Great Plains Software, Inc.; HOLT Value Associates; Hong Kong Society of Accountants; Hyperion Solutions Corp.; IBM; Institute of Chartered Accountants in Australia; Infoteria Corporation; Institute of Chartered Accountants in England & Wales; Institute of Chartered Accountants in Ireland; Institute of Management Accountants; International Accounting Standards Board; International Federation of Accountants; I-Lumen, Inc.; Innovision Corporation; J.P. Morgan & Co. Inc.; Japan Digital Disclosure Inc.; KPMG Consulting; KPMG LLP; Lawson Software; Microsoft Corporation; MIP, Inc.; Moody's Risk Management Services, Inc.; Morgan Stanley Dean Witter; Multex.com, Inc.; National Center of Charitable Statistics (NCCS); National Information Infrastructure Enterprise Promotion Association (Taiwan); Navision; NEC Planning Research, Inc. (Japan); NetLedger, Inc.; New River, Inc.; Newtec; Oracle Corporation; PeopleSoft, Inc.; PPA GmbH; Practitioners Publishing Company; PricewaterhouseCoopers LLP; Reuters Group LP; RIA; R.R. Donnelly Financial; Sage Software; SAP AG; Seattle Pacific University Center for Professional Development; Standard and Poor's; Syspro; Thomson Financial; US Advisor, Inc.; U.S. Census Bureau; Virtual Growth, Inc.; The Woodburn Group; and XBRL Solutions, Inc.