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XBRL US Announces 2008 Board
XBRL US announced its 2008 board consisting of thought leaders drawn from the investor community, software and service providers, information aggregators and the accounting profession. The new board will lead the consortium in advancing XBRL for business reporting in the US public and private sectors.
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Public Review of XBRL US GAAP Taxonomies draft underway
The Public Review of the draft XBRL US GAAP Taxonomies has been underway since December 5, 2007. To date, nearly 400 have registered to comment on the Taxonomies and Preparers Guide. The public comment period allows important stakeholders such as public company preparers, financial analysts, auditors and software providers to review and provide input to the XBRL US Project Team. Interested parties are invited to participate in the review and to learn more about XBRL.
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Public Review workshop and webinar series launched, more free programs coming up
To aid in the Public Review process, XBRL US launched a series of free workshops and webinars that provide education on XBRL, demonstrate how to create an XBRL-formatted document and walk participants through the Public Review process. The first workshop was held at the AICPA National Conference on December 12 and the webinar series kicked off on December 17 with an event held jointly with the AICPA. The series will be ongoing over the next few months with the next 1 ½ long programs to be held February 5, February 19 and February 21. Programs going forward will emphasize how to create your own XBRL-formatted financials to participate in the SEC Voluntary Filing Program along with case studies from actual filers and SEC representatives to give an overview of their program.
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XBRL highlighted at the AICPA National Conference
XBRL was one of the key topics discussed at the 2007 AICPA National Conference on Current SEC & PCAOB Developments held in Washington DC, December 10 - 12, 2007. The conference was attended by 2,200 and attracted 700 others via video conference. XBRL president and CEO Mark Bolgiano spoke at the General Session. Paul Penler, Chair of the XBRL US Market Outreach Working Group and Michelle Savage of XBRL US presented a workshop on how to participate in the Public Review and conducted a demo of the XBRL tagging process.
SEC Chairman Cox discusses XBRL at AICPA Conference
In a speech January 10, 2008 at an AICPA conference, SEC Chairman Christopher Cox stressed the importance of a common language for financial reporting, citing the convergence of global markets. Chairman Cox discussed the benefits of XBRL and stated that the Commission will conduct a cost-benefit analysis of XBRL.
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SEC's Committee on Improvements in Financial Reporting makes recommendations on use of XBRL
The SEC Advisory Committee on Improvements to Financial Reporting (CIFR) issued its Draft Decision Memo - including items associated with XBRL. The report was presented to the full Committee at a January 11, 2008 open meeting. In short, the CIFR subcommittee is recommending that the SEC require the use of XBRL first by the top 500 domestic public companies. The XBRL filing would be furnished to the SEC by these companies along with their required traditional html or ASCII text filing. Then, one year after the top 500 are required to use XBRL, all large accelerated filers would be added with the same parameters. To read the full section on XBRL, see pages 74-87.
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SEC announces interactive Web tool to compare executive pay
The Securities and Exchange Commission launched the first-ever online tool that enables investors to easily and instantly compare executive pay data for the 500 largest American companies. The new database highlights the power of XBRL and interactive data to transform financial disclosure. The Executive Compensation Reader is available on the SEC's Web site at http://www.sec.gov/xbrl and builds on the Commission's new requirements that went into effect earlier this year to dramatically enhance clarity and completeness of executive compensation disclosure. The SEC announcement is available at: http://www.sec.gov/news/press/2007/2007-268.htm. XBRL US issued a news release in support of the SEC's actions.
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