XBRL-US will become an independent; SEC to Fund US Financial Reporting Taxonomy Development

The American Institute of Certified Public Accountants today announced that XBRL-US will become an independent, not-for-profit organization. Initially formed as a volunteer committee of the AICPA, the new entity will continue as the chartered U.S. jurisdiction of XBRL International, Inc, and as a member-supported entity. As a self-sustaining entity, XBRL US, Inc. will continue to fulfill two goals:

  • To support the implementation of Extensible Business Reporting Language (XBRL) in the United States through the development of taxonomies for use by both the public and private sectors;
  • To promote adoption of XBRL through conferences, pilot programs, educational materials and events.

In a related development, the Securities and Exchange Commission today announced a $5.5 million contract with XBRL US, Inc. to complete the development of U.S. financial reporting taxonomies for public use.

"As a founder of XBRL, the AICPA believes that the increasing engagement of business reporting supply-chain participants in this standards-based effort is an encouraging sign of market maturity and adoption," said Barry Melancon, AICPA President and CEO. "With the SEC’s ongoing support of XBRL, this is the time for the business reporting community to step up its efforts to adopt XBRL more fully as a multipurpose solution for delivering information to management, investors, analysts and other consumers."

Last year, the SEC instituted the XBRL Voluntary Filing Program. Sincethen, SEC Chairman Christopher Cox has publicly encouraged all SEC registrants to adopt XBRL for their filings. "Chairman Cox’s advocacy of XBRL continues to send important messages to the business reporting community," said Daniel Roberts, Chair of the XBRL-US Steering Committee. "XBRL-US leadership believes U.S. adoption of XBRL will benefit from a new structure that includes SEC funding and greater market participation.

For further information about XBRL-US, visit http://www.xbrl.org/us XBRL is a language for the electronic communication of business andfinancial information. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all thoseinvolved in supplying or using business information.

The American Institute of Certified Public Accountants http://www.aicpa.org is the national, professional association of CPAs, with approximately 330,000 members, including CPAs in business and industry, public practice, government, and education. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies; federal, state and local governments; and non-profit organizations. It also develops and grades the Uniform CPA Examination. Media representatives are invited to visit the AICPA Online Media Center at http://www.aicpa.org/mediacenter