New XML-based standard now being used in financial statements. (technology).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. International, a 140-member consortium of leading companies (including founding member AICPA AICPA See American Institute of Certified Public Accountants (AICPA). , which started the XBRL movement) developing XML-based business reporting standards, has announced that more organizations are using its eXtensible Business Reporting Language (visit www.XBRL.org). Preparers and users of financial information can now exchange XBRL across all software and technologies to provide greater efficiencies in the global capital markets. Deutsche Bank, one of the world's largest financial services institutions, has begun using XBRL to process loan information and streamline its credit analysis process. Deutsche Bank's adoption of XBRL follows closely on the announcement by Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. that it has begun to pilot XBRL for the same purpose in the United States. The Australia Prudential Regulation Authority recently became the first banking regulator in the world to use XBRL to monitor the financial well being of 12,000 Australian super funds, insurers and banks required to report to APRA APRA (ä`prä) or the Alianza Popular Revolucionaria Americana, reformist political party in Peru, also called the Partido Aprista. on a regular basis. APRA is sharing this data with the Australian Bureau of Statistics The Australian Bureau of Statistics (ABS) is the Australian government agency that collects and publishes statistical information about Australia and its people. Population and Housing The agency undertakes the Australian Census of Population and Housing. and the Reserve Bank of Australia The Reserve Bank of Australia came into being on 14 January 1960 to operate as Australia's central bank and banknote issuing authority. The bank offers banking services to the Federal Government, and to licensed banks that participate in the payments system. for benchmarking and trend analysis. In the U.S., the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. recently announced its desire to use XBRL for regulatory reporting in the near future. In other adoption news, Reuters and Microsoft announced that they have published their financial statements using XBRL. By publishing financial statements in XBRL, Reuters and Microsoft provide easier access to their company's financial data and more efficient analysis capabilities to investors, analysts, accountants, regulators and others in the financial information supply chain. Furthermore, General Electric has announced that its Corporate Tax Department will use XBRL to simplify and speed its tax reporting processes. Use of the technology will enable GE to more efficiently coordinate and consolidate financial information from its global subsidiaries. |
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