SEC evaluates accepting filings using XBRL tagged data.In a major milestone for the five-year old Extensible Business Reporting Language initiative, the Securities and Exchange Commission recently announced it will consider a staff proposal to accept voluntary supplemental filings of financial data using XBRL (www.xbrl.org) and also will seek public comment on alternative methods and the costs and benefits associated with tagged data. The SEC's complete announcement is available from www.sec.gov/news/press/2004-97.htm. XBRL-US, representing the United States as part of XBRL International, issued a press release following the SEC announcement in which important members o the information value chain, including the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). , Microsoft, Financial Executives International, the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). and 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, discussed the positive impact of the SEC action on companies and investors. The XBRL-US release can be found at www.xbrl.org. The AICPA developed XBRL through the establishment of a non-profit international consortium of approximately 250 major companies, organizations and government agencies with members draw from the accounting, technology, securities and government sectors. As a founding member, the Institute currently is serving as host of XBRL-US. XBRL is an open standard, free of license fees. The SEC announcement is one of a series of XBRL initiative which are being put in place by financial regulators around the work including the Inland Revenue and Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. in the United Kingdom; Japan's National Tax Agency and Financial Services Authority; the Bank of Spain; Dutch Tax Authority; and the US Federal Financial Industry Examinations Council, which includes 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. , Federal Reserve Board, Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. , National Credit Union Administration The National Credit Union Administration (NCUA) is responsible for chartering, insuring, supervising, and examining federal credit unions (FCUs) and for administering the National Credit Union Share Insurance Fund. and the Office of Comptroller of the Currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers. . European Commission to Fund Development Adoption of XBRL The European Commission has pledged One million Euros to accelerate development and adoption of XBRL, in the European Union, The grant recipient, a new organization called XBRL in Europe, is dedicated to increasing awareness of XBRL in the EU and assisting member countries in starting local jurisdictions. "The European Commission's grant is an important step in increasing the adoption of XBRL throughout the continent and making financial statements clearer and more accessible for investors; said Louis Matherne Director--XBRL for the AICPA and President of XBRL International. XBRL in Europe is intended to be a two-year project, For more information. contact Olivier Servais. Permanent Secretary, at olivier.servais@xbrl.eu.org. |
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