NASDAQ vice chairman talks about XBRL, capital market transparency and role of CPAs. (technology).In Aug. 2002, the NASDAQ Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , Inc., Microsoft Corp. and PricewaterhouseCoopers teamed up to launch a pilot program that would demonstrate the power 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) (The CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. Letter, Sept. 2002). The pilot program showcases XBRL's ability to provide companies with an easier means to communicate financial information and deliver it to investors with enhanced capability to analyze data. Through this program, investors are provided with remote access to financial data from the financial reports of 21 NASDAQ-listed companies starting with a company's most recent financials and going back five years (www.nasdaq NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on .com/xbrl). NASDAQ, a key driver of capital formation, is the first stock market to recognize the value of XBRL. "NASDAQ is committed to increasing transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. for investors, which ultimately will help restore investor trust in the quality and integrity of the information that fuels the markets," said Alfred Berkeley Alfred R. Berkeley is an American businessman who served as President and later Vice-Chairman of the NASDAQ Stock Market, Inc., from June 1996 until August 2003. Before Nasdaq, Berkeley was a General Partner and then a Managing Director of Alex. Brown & Sons, an investment bank. , vice chairman of NASDAQ. "The widespread adoption of XBRL technology will mean corporations and investors alike will reap the benefits of a simpler process for issuing financial reports and making investment decisions." In a recent interview, Berkley elaborated on the benefits of XBRL for both its listed companies listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → and investors, such as how XBRL will provide equal access of financial information to more people. He also discusses, among other things, how XBRL will help improve the transparency and delivery of important data and the instrumental role CPAs will play in companies' use of XBRL in the future. To read the full interview, visit www.aicpa.org/xbrl/aberkeley_intrview.asp. XBRL International, founded by the AICPA, is a coalition of more than 200 member organizations operating in eight jurisdictions to date. XBRL was designed to benefit the entire business reporting supply chain, including CPAs, by improving access to financial information and decreasing costs associated with the distribution of financial information. |
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