PHILADELPHIA, November 9, 2010 — XBRL US, the national consortium for XML business reporting standards, announced today an initiative to increase the momentum behind XBRL implementations in the United States. The program, which was announced at the XBRL US National Conference: The Path to Transparency, in Philadelphia, PA, takes a two-pronged approach to expanding XBRL adoption: 1) supporting current implementations by focusing on the consistency and quality of XBRL data produced, and 2) broadening the XBRL footprint by expanding the number of individuals and organizations involved.
The data quality focus was initiated earlier this year with the launch of the XBRL Consistency Suite, a benchmarking and data checking toolset for finance executives and with the establishment of the Best Practice Committee, a group that provides guidance on the use of the US GAAP Financial Reporting Taxonomy.
To broaden XBRL’s reach, XBRL US has initiated a drive to increase the number and breadth of organizations and individuals involved by building its member base and establishing a new membership opportunity for single practitioners and individual academics.
“We’re pleased to be one of the early adopters among financial institutions,” said Alan Smith, Chief Operating Officer, Citi Securities and Fund Services, “Membership in XBRL US will help us gain access to some of the top XBRL experts and support a technology standard that can vastly improve securities processing for our clients.”
Several industry leaders have already joined XBRL US in the recent member campaign to drive adoption forward in 2011. Early adopters include:
- Oracle
- Citi
- Federal Filings LLC
- Edgar Agents LLC
- XSP
“Thousands of organizations using Oracle’s Hyperion financial close and reporting solutions as well as Oracle and other general ledgers can benefit from using our XBRL reporting solution to streamline the financial reporting process and improve the information they produce for external stakeholders,” said John O’Rourke, Vice President of Product Marketing at Oracle. “Supporting XBRL US and its initiatives will enable us to deliver the full value of XBRL to our customers and will help move adoption forward.”
To learn more about membership, go to http://xbrl.us/membership/Pages/default.aspx. To learn more about the Best Practice Committee and the focus on data quality, go to http://xbrl.us/Learn/Pages/BestPractices.aspx.
About XBRL US
XBRL US is the non-profit consortium for XML business reporting standards in the U.S. and it represents the business information supply chain. Its mission is to support the implementation of XML business reporting standards through the development of taxonomies for use by U.S. public and private sectors, with a goal of interoperability between sectors, and by promoting XBRL adoption through marketplace collaboration. XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission. XBRL US Labs, the research and development arm of XBRL US, leverages the XBRL US platform, methodologies and people to address the quality of taxonomies and the harmonization of XBRL with other XML standards. For more information, go to www.xbrl.us.
CONTACT: Michelle Savage, XBRL US, +1-917-747-1714, michelle.savage@xbrl.us
