Here is the XBRL US, Inc. press release.
XBRL US Finalizes US GAAP Taxonomies and Preparers Guide With Delivery to SEC
Stage is set for widespread use of XBRL for public company reporting
WASHINGTON, May 2 /PRNewswire/ -- XBRL US, Inc., the nonprofit
consortium for XML business reporting standards, has completed the
collections of financial and business terms (taxonomies) for US GAAP
requirements and common reporting practices in XBRL (Extensible Business
Reporting Language) format and the accompanying Preparers Guide. XBRL US
developed the taxonomies and Preparers Guide along with supporting
documentation under a contract with the Securities and Exchange Commission
(SEC) and delivered all materials to the SEC this week.
The first draft of the taxonomies was completed on September 24, 2007,
followed by a period of internal testing and review. On December 5, 2007,
XBRL US made the taxonomies available for public review and comment. Over
900 comments were received during the public review; all comments have been
evaluated and incorporated into the taxonomies and Preparers Guide, as
appropriate.
The SEC announced that they will hold an open meeting on May 14, 2008
to discuss a rule proposal requiring the use of XBRL for public company
reporting. Public company preparers would use the XBRL US GAAP Taxonomies
and Preparers Guide to create their XBRL-formatted financials.
"This delivery ensures that the tools are in place for public companies
to create interactive data-formatted financials with ease and efficiency,"
said David Blaszkowsky, Director, Office of Interactive Disclosure,
Securities and Exchange Commission, "and the May 14 open meeting will be
the start of a process to enable widespread use of interactive data tags
resulting in greater transparency, accuracy and granularity of information
in the marketplace."
Final deliverables to the SEC include the taxonomies, an in-depth
Preparers Guide that provides the basics on how to create XBRL-enabled
financial statements, case studies about creating and using XBRL, example
financial statements and disclosures in XBRL format, and technical
information about the taxonomies. Contributors to the case study include
users of XBRL data such as Morgan Stanley and Microsoft as well as members
of the SEC Voluntary Filing Program, including 3M Company and Comcast
Corporation.
"XBRL may prove to be a major step forward for the spread of
interactive data and Pfizer has been a proud participant in the pilot
program since its inception. While there are limited financial statement
filers using XBRL today, I believe the evolution of XBRL and SEC support
for universal acceptance holds tremendous promise for the financial
community. As a professional, I appreciate the chance to be a part of this
transformation," said Clare O'Leary, Director Special Projects, Pfizer Inc.
Pfizer has been a member of the SEC's Voluntary Filing Program since March
2006.
The XBRL US GAAP taxonomies, Preparers Guide, case studies and other
supporting documentation can be viewed at http://xbrl.us/pages/us-gaap.aspx
To access a podcast interview featuring Clare O'Leary of Pfizer Inc.,
visit http://media.xbrl.us/media/GettingStartedwithXBRL.mp3
About XBRL
XBRL (Extensible Business Reporting Language) is a royalty-free, open
specification for software that uses XML data tags to describe financial
and business information for public and private companies and other
organizations. XBRL benefits all members of the information supply chain by
utilizing a standards-based method with which users can prepare, publish in
a variety of formats, exchange and analyze financial statements and the
information they contain. XBRL International is a non-profit consortium of
approximately 500 organizations worldwide working together to build the
XBRL language and promote and support its adoption. XBRL International is
responsible for the technical XBRL specification and each country-specific
jurisdiction works to facilitate the development and adoption of local XBRL
taxonomies, or dictionaries, consistent with accounting, regulatory, and
market standards and practices.
About XBRL US
XBRL US is the non-profit consortium for XML business reporting
standards in the United States and is a jurisdiction of XBRL International.
It represents the business information supply chain, including accounting
firms, software companies, financial databases, financial printers and
government agencies. Its mission is to support the implementation of XML
business reporting standards through the development of taxonomies relevant
for use by US public and private sectors, working with a goal of
interoperability between sectors, and by promoting adoption of these
taxonomies through the collaboration of all business reporting supply chain
participants. XBRL US has developed taxonomies to support U.S. GAAP and
common reporting practices under a contract with the Securities and
Exchange Commission. The XBRL US GAAP Taxonomies and supporting
documentation are available for review at http://xbrl.us/pages/us-gaap.aspx
SOURCE XBRL US, Inc.
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