XBRL US, Inc., the nonprofit consortium dedicated to the adoption of XBRL (Extensible Business Reporting Language), a technology standard for the reporting of financial and business information in the U.S., initiated its first two podcasts featuring important stakeholders. The programs featured Jeff Diermeier, CFA, president and CEO of CFA Institute, and Barry Melancon, president and CEO of the AICPA (American Institute of Certified Public Accountants). Podcasts can be downloaded to a handheld device or simply listened to online.
The series of 10-minute interviews will feature industry experts presenting their view on interactive data or covering a specific topic related to XBRL. The series is designed to address key stakeholder viewpoints but will also feature timely and sometimes controversial topics related to the use of interactive data in different reporting situations.
Jeff Diermeier kicked off the webcast series, reflecting the fact that Wall Street is the ultimate stakeholder in the XBRL movement. CFA Institute, a global professional association that is well known for its administration of the Chartered Financial Analyst(R) (CFA(R)) and Certificate in Investment Performance Measurement (CIPM) curriculum and exam programs, recently became a member of XBRL US and has been conducting a roadshow series to educate its members about interactive data. It has also surveyed its members about their awareness of XBRL (results may be found at www.cfainstitute.org/centre/reporting/xbrl/index.html).
“Investment professionals worldwide stand to benefit from the greater accuracy, transparency, and reliability of tagged data provided by XBRL,” said Diermeier, “XBRL has the potential to improve the quality of our global capital markets through advances in the valuation process. CFA Institute was glad to ‘kick off’ this webcast series, which will help spread the word about what interactive data can do for greater transparency of information.”
Barry Melancon, from the AICPA, is also the chairman of the Interim Board for XBRL US. The AICPA was the initial backer for the XBRL movement, both in the United States and internationally and continues to play a key role in pushing XBRL adoption forward.
“This webcast series will help to educate about XBRL, the SEC’s Voluntary Filing Program for XBRL and to spread the word about the development of the US GAAP Taxonomies,” said Melancon, “This is a perfect time to learn more and participate, prior to a potential SEC mandate for XBRL filing.”
XBRL US is currently under contract with the Securities and Exchange Commission to build out the US GAAP Taxonomies and develop guidance on creating XBRL-enabled financial statements for preparers. On December 5, the draft Taxonomies and documentation will be made available for public review. More information can be found at xbrl.us.
Future podcasts will include a discussion about the convergence of accounting standards, the regulator’s perspective, and the use of XBRL for internal reporting.
