Federal banking regulators award $39 million XBRL implementation contract to modernize bank reporting system, improve efficiencies.The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. and Federal Reserve Board have jointly announced a $39 million contract they awarded to Unisys Corp. and a number of XBRL-U.S. members (PricewaterhouseCoopers, Microsoft, EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. Online, UBMatrix) to overhaul the system that regulators use to collect, process and distribute bank Call Report data. Modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, of the reporting system, which will include implementation of XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. (eXtensible Business Reporting Language), will improve the timeliness, accuracy and efficiency of the information exchange process. XBRL was founded by the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). , and the XBRL-International organization is currently hosted by the AICPA. The contract is by far the biggest step forward for XBRL in the U.S. and is anticipated to lead not only to wider acceptance of XBRL by the business community, but also broad adoption within the government, regulatory and banking sectors as a technology to enable a move towards online, real-time reporting. Federal banking regulators have promised that the XBRL implementation--which will not be fully in effect until at least Sept. 2004--will lighten light·en 1 v. light·ened, light·en·ing, light·ens v.tr. 1. a. To make light or lighter; illuminate or brighten. b. To make (a color) lighter. 2. the workload at the nation's 9,000 banks, make Call Reports more accurate and help the agencies issue vital information more quickly, all in their efforts to promote the "safety and soundness" of the nation's banking system. For more information about XBRL, visit www.xbrl.org or contact Jeff Nauman at jnaumann@aicpa.org. RELATED ARTICLE: Survey shows growing use of XBRL in software. A recent XBRL Software Vendor Survey shows two-thirds of accounting software vendors have either already XBRL-enabled at least one of their accounting software packages or will do so by Dec. 2004. These software vendors include Oracle, Microsoft, Hyperion, SAP, PeopleSoft, ACCPAC ACCPAC Accounts Package ACCPAC Accounting Package , JD Edwards See J.D. Edwards. and Cartesis. Conducted on behalf of XBRL-US by the AICPA, the survey indicates that vendors believe the demand for XBRL functionality within accounting software is on the rise. The survey goes on to show that accounting software vendors have initially focused development efforts on products that output/export XBRL-formatted data--XBRL import functions will come later. Fourteen of the 21 vendors surveyed indicated that their applications will initially include an XBRL export function (this is a natural evolution of the acceptance of XBRL in the marketplace). As market demand progresses and organizations begin to automate many of their business reporting processes, applications that can efficiently and accurately import and consume XBRL-tagged information will be developed. For more information about the survey results, visit www.xbrl.org. |
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