XBRL-US to become independent organization; SEC to fund U.S. financial reporting taxonomy development.XBRL-US will become an independent, not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. organization early next year. Initially formed as a volunteer committee of the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). , the new entity will continue as the chartered U.S. jurisdiction 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. International, Inc., and as a member supported entity. As a self-sustaining entity, XBRL US, Inc. will continue to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. two goals: * To support the implementation of eXtensible Business Reporting Language in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. through the development of taxonomies for use by both the public and private sectors. * To promote adoption of XBRL through conferences, pilot programs, educational materials and events. In a related development, the Securities and Exchange Commission announced a $5.5 million contract with XBRL US, Inc. to complete the development of U.S. financial reporting taxonomies for public use. Last year, the SEC instituted the XBRL Voluntary Filing Program. Since then, SEC Chairman Christopher Cox has publicly encouraged all SEC registrants to adopt XBRL for their filings. www.xbrl.org/us |
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