XBRL Software Tools Expand Capabilities to MeetRegulatory Reporting Demand
Fujitsu Offers Detailed Footnote Tagging XBRL Solution in Interstage XWand 11 to Help Filers Satisfy Regulatory Requirements
XBRL-Europe Welcomes SWIFT as Member; Launches Usability Forum Working Group
China to Complete National XBRL Taxonomy in June 2010; to Host 21st XBRL International Conference in Beijing, October 2010
Financial executives, banking supervisors, securities regulators, technology vendors, accountants and stock exchanges from around the world convened in Rome, Italy this week during the 20th XBRL International Conference (XBRL20) to discuss the continued expansion of XBRL and its use by regulators as a tool to enhance transparency and improve disclosure of information.
The conference, hosted by XBRL-Europe, a regional body under XBRL International, Inc. consisting of European member jurisdictions, and XBRL-Italy, an XBRL-Europe member, focused on the significant expansion in the use of XBRL for filings by companies representing more than 75% of the world's market capitalization.
"The sizeable market penetration of XBRL has been a strong driver for new tools and capabilities from software vendors around the world," said Anthony Fragnito, CPA, CEO of XBRL International, Inc. "The expanded functionality of applications to handle things like XBRL tagging of detailed footnotes and other requirements eases the burden on companies in preparing their regulatory filings. XBRL is mandated in the largest economies in the world, which means millions of XBRL filings are occurring today, and an unprecedented amount of information is now available to the public in a machine-readable, accessible format. Access to this information will help rebuild trust and improve transparency in the wide variety of reporting domains."
Fujitsu Offers Detailed Footnote Tagging Through its Interstage XWand 11
Fujitsu, a long-time supporter and user of the XBRL standard and Platinum Sponsor of XBRL20 in Rome, announced a significant enhancement to its Interstage XWand software – the addition of detailed footnote tagging capabilities using XBRL.
"Fujitsu continues its commitment to the XBRL community through significant technology innovation and development. Interstage XWand 11 contributes to the global adoption of XBRL by helping clients quickly and cost-effectively adhere the latest financial regulations such as detailed notes tagging and the EDGAR Filer Manual requirements," said Masato Nitta, President of Middleware Business Unit, Fujitsu Limited.
The enhancement to Interstage XWand from Fujitsu helps companies satisfy the regulatory requirements in the US for detailed tagging of footnotes to company financial statements – a previously unmet need in the US market. For information about Fujitsu, please visit www.fujitsu.com.
XBRL-Europe Announces New Member; Forms Working Group
XBRL-Europe made several announcements during XBRL20:
- The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has become its newest member. SWIFT supplies secure messaging services and interface software to wholesale financial entities.
- The Usability Forum Working Group was formed to focus on the needs of XBRL users within Europe.
- The EU Business Registers Working Group is currently developing a taxonomy that identifies common elements across business filings to the various European business registries.
"Millions of XBRL-tagged financial statements have been filed with the European business registries," said Gilles Maguet, Secretary-General of XBRL-Europe. "The EU Business Registers Working Group is defining a common layer of more than 300 elements to streamline the filing of annual accounts to the registries."
China to Release National Taxonomy and Host 21st XBRL International Conference in 2010
In 2004, China was the first country in the world to formally require XBRL for all public company financial reporting. The Chinese Ministry of Finance, along with XBRL leaders in China, is currently developing the Chinese National XBRL Taxonomy that will be unveiled in June 2010. Listed companies on both the Shanghai and Shenzhen Stock Exchanges will be required to file required information using the unified XBRL Taxonomy.
"XBRL is one of the key vehicles for promoting accounting information in China today," said Ms. Ying Wei, CPA, Deputy Director-General, China Ministry of Finance. "We are very excited to complete the National XBRL Taxonomy in June and continue to promote XBRL adoption across many industries in China."
China will also host the 21st XBRL International Conference in Beijing in October 2010. "We welcome all of our XBRL friends around the world to come to Beijing for the next XBRL International Conference. China is proud to be your host," added Ms. Ying Wei.
China has also been active in other asset classes, including the mutual fund sector. XBRL is being used by all mutual fund companies for their filings with the China Securities Regulatory Commission (CSRC). Initially deployed in 2009, XBRL is a tool to help the CSRC monitor and review the risks and returns of each mutual fund.
The taxonomy and system for Initial Public Offering (IPO) filings using XBRL are currently under development in China. In the future, all companies wanting to undergo an IPO will have to submit their application information in XBRL format.
For more information about the XBRL20 conference program or speakers, visit www.conference.xbrl.org/. For information about XBRL, please visit www.xbrl.org.
About XBRL International, Inc.
XBRL International is the global not-for-profit electronic business reporting consortium. It is comprised of more than 600 public and private sector organizations from more than 30 countries that collaborate to improve decision making across business and government by enhancing the way that performance information is defined, prepared, exchanged and analyzed. Specifically, XII is responsible for the ongoing development and maintenance of the Extensible Business Reporting Language and the promotion and support of its adoption. Interested companies and agencies are encouraged to join the XBRL International consortium and participate in building the future of electronic business reporting. To learn more about these opportunities, visit http://www.xbrl.org/abouttheorganisation.
Contacts:
Colcomgroup, Inc.
T. David Colgren, 917-587-3708
President
dcolgren@colcomgroup.com
or
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Managing Director
bmonterio@colcomgroup.com
