STOCKHOLM (04/07/2000) - Leading global accounting, financial and software industry groups and companies yesterday announced the formation of a consortium aimed at promoting a new specification for exchanging financial data over the Internet.
The XBRL (extensible business reporting language) Project Committee aims to develop and by July to launch XBRL for Financial Statements, the first in a planned series of free XBRL products for sending financial statements over the Internet as well as across other software and technologies, the American Institute of Certified Public Accountants (AICPA) said in a statement.
Based on XML (extensible markup language), the XBRL specification uses accepted financial reporting standards and practices, and aims to standardize how financial information is sent and viewed on computer screens. XBRL, formerly code-named XFRML, has been in development for one year, according to the AICPA statement.
AICPA is one of more than 30 backers of the XBRL Project Committee, which among its members also counts some of the biggest names in the software industry, including IBM Corp., Microsoft Corp., Oracle Corp. and SAP AG.
Other members include Arthur Andersen LLP, the Canadian Institute of Chartered Accountants, Deloitte & Touche LLP, Ernst & Young LLP, the International Accounting Standards Committee, the Institute of Chartered Accountants in Australia, the Institute of Chartered Accountants in England and Wales, KPMG LLP, PricewaterhouseCoopers LLP and Reuters Group LP.
More information about XBRL can be found on the Web at http://www.xbrl.org/.
AICPA is at http://www.aicpa.org/.