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SEC Advisory Committee on Improvements to Financial Reporting held meeting March 13-14, 2008 with focus on XBRL
The SEC's Advisory Committee on Improvements to Financial Reporting (CIFIR) held a two-day meeting March 13 and 14 in San Francisco, CA. XBRL was featured during a panel session titled "XBRL and Discussion of Developed Proposal 4.1" that included Mark Bolgiano, President and CEO, XBRL US as well as several XBRL US members: Randy Fletchall, Ernst & Young LLP, who is also an XBRL US Board member, John Turner, CoreFiling, Christopher Montano, Gridstone Research. Other speakers on the panel: Steven E. Bochner, Wilson Sonsini Goodrich & Rosati, Jeff M. Bodner, Intel Corporation and Gregory P. Hanson, ADVENTRX Pharmaceutical. Listen to a webcast replay of the meeting.
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Campbell Pryde joins XBRL US as Vice President, Domain and Chief Standards Officer
Campbell Pryde will be joining the XBRL US team as Vice President, Domain and Chief Standards Officer. This position will play an integral part of the executive team of XBRL US in determining the strategy for taxonomy development and maintenance. Campbell has served as Chair of the Domain Steering Committee for the past year, providing critical program oversight for the XBRL US GAAP Taxonomies Project. He has been involved with XBRL since 2001, and brings a unique combination of accounting and financial analysis expertise that will serve XBRL US well.
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SEC Launched New Financial Analysis Tool, powered by XBRL
In mid-February, the SEC launched Financial Explorer, an online interactive tool that lets investors more quickly and easily analyze the financial results of public companies. The new tool, relying on XBRL data furnished by public companies to the SEC, allows investors to automatically generate financial ratios, graphs and charts depicting information from financial reports. The viewer illustrates the flexibility and usefulness of XBRL data. XBRL US conducted podcasts with thought-leaders from the investment community on the implications of the new SEC viewer and the impact of XBRL on investors and the capital markets. Click to listen or right-click to save as .mp3.
>> Read the SEC announcement
>> See the viewer
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Public Review ends April 4 - comments are still being accepted and incorporated
On February 11, XBRL US posted the second draft release of the XBRL US GAAP Taxonomies and a new draft of the Preparers Guide was posted on March 17. To date, over a thousand comments have been received, submitted by preparers, auditors, investors and software companies as well as the SEC and the FASB. Most comments received offer suggestions for elements to be added, definitions or labels revised. The taxonomies and Preparers Guide on how to use them continue to be available for public comment through April 4, 2008.
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Public Review Workshop and Webinar series draws over 1,500 attendees; more free educational programs will be scheduled
To aid in the Public Review process, XBRL US continues its 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, with final programs on March 18 and 19. More than 1,500 individuals have participated in the webinars to date which have been held in conjunction with organizations such as the AICPA, the Institute of Management Accountants (IMA) and Financial Executives International (FEI) as well as industry-specific organizations including the American Insurance Association, the National Association of Real Estate Investment Trusts (NAREIT) and the American Bankers Association. The Public Review series will conclude in mid-March, and will be replaced with a new educational webinar series to focus on how to create XBRL-formatted financials and participate in the SEC?s Voluntary Filing Program. Future Programs will include demonstrations, case studies from actual filers and SEC representatives who will provide updates on their program and other activities.
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