XFRML model available for comment.The first version of XFRML XFRML Extensible Financial Reporting Mark-Up Language (now Extensible Business Reporting Language, XBRL)
XFRML Extensible Financial Reporting Markup Language (extensible financial reporting markup language markup language
Standard text-encoding system consisting of a set of symbols inserted in a text document to control its structure, formatting, or the relationship among its parts. The most widely used markup languages are SGML, HTML, and XML. ), developed by the AICPA AICPA
See American Institute of Certified Public Accountants (AICPA). in conjunction with participants from business and technology, is available for comment. Designed for commercial and industrial enterprises whose reporting must follow U.S. GAAP GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (GAAP). , this first specification of XFRML is designed to simplify and improve many aspects of the financial reporting process. Specifications for other industries and countries will follow.
When fully developed, XFRML will consist of a series of specifications based on XML XML
in full Extensible Markup Language.
Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. (extensible markup language See XML.
(language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web.
http://w3.org/XML/. ). XML is a collection of standardized standardized
pertaining to data that have been submitted to standardization procedures.
standardized morbidity rate
see morbidity rate.
standardized mortality rate
see mortality rate. descriptive attributes that can be attached to individual pieces of information, making them easier to manage and reproduce in a variety of forms. These attributes, or tags, explain the context within which each piece of data exists, making it easier to use the information knowledgeably and efficiently. (See "The XML Files," JofA, May99, page 71, and "AICPA Establishes a Language for Electronic-Based Financial Reporting," Sep. 99, page 15.)
Proponents of XFRML say that creators and users of financial information, as well as the vendors that serve them, will find it to be a convenient, standards-based vehicle for assembling, sharing and analyzing the financial data necessary to meet reporting requirements.
The XFRML steering committee steer·ing committee
A committee that sets agendas and schedules of business, as for a legislative body or other assemblage.
Noun , which consists of 30 participants--including standard setters, the Big Five accounting firms, software companies, professional associations, brokerage houses and consulting companies--is leading the development and promotion of the project.
According to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. Karyn Waller, a technical manager in the AICPA new finance division, XFRML will support a wide range of financial reporting functions and users. This specification is the first step in that process. The steering committee has an international focus and will facilitate the development of specifications for other industries and other countries' versions of GAAP," she said.
XFRML's potential benefits are considerable. By providing the means to collect, store and distribute financial information in consistent formats, XFRML will make it easier for accountants and industry analysts to base their examinations or descriptions of a company's financial activities on clear and unambiguous data.
Because XFRML is platform-independent, it will facilitate the transfer of financial reporting information between computer applications, thus vastly increasing the number of reports that can be generated automatically.
The XFRML steering committee expects to announce the project's formal name in the near future.
The specification is available for online review at www.xfrml.org, and comments are requested through May 30, 2000. Waller said that a final version is expected to be issued by July 1, 2000. She added that organizations interested in participating in or commenting on the project should contact her by e-mail at email@example.com.