Miles P. Jennings, Jr.'s Blog (8)

Here is the XBRL US, Inc. press release. XBRL US Finalizes US GAAP Taxonomies and Preparers Guide With Delivery to SEC Stage is set for widespread use of XBRL for public company reporting WASHINGTON, May 2 /PRNewswire/ -- XBRL US, Inc., the nonprofit consortium for XML business reporting standards, has completed the collections of financial and business terms (taxonomies) for US GAAP requirements and common reporting practices in XBRL (Extensible Business Reporting Language) format an… Continue

The above article, written by Elias-John Kies, CFA, provides good background information on how data is retrieved for use in financial analysis today via "manual extraction" or by a "data vendor." Then, he describes how XBRL allows for direct, accurate, and granular data acquisition without the possible shortcomings of the old data retrieval practices. You can see this 11/1/07 article which appeared in www.cpaB2biz.com here:… Continue

XBRL International is reaching out to XBRL practitioners worldwide. In the program notes to their 17th conference in Eindhoven, Netherlands on May 5-8, 2008, they state: "Would you like to share your testimonial with us? Post your testimonial today! All submitters will receive an “I am XBRL in Action” lapel pin." XBRL has clearly moved from the conceptual stage to the action stage. To review the initial list of XBRL-in-action testimonials, go to… Continue

After the Feb. 15th release of the Financial Explorer Viewer by the SEC, Michelle Savage of XBRL.US hosted a podcast to discuss the "Impact of XBRL on Investors." See In that discussion Sam Jones noted that we are now only seeing the "tip of the iceberg" as to new XBRL-based investment tools. Jones' call for a major change in the availability and use of analytic investment tools was demonstrated yesterday: Benchmark Metrics,… Continue

The IASC's XBRL team met their deadline of March 31st to release the near-final draft of the IFRS Taxonomy 2008---a complete translation of IFRS into XBRL which underwent extensive external review by a committee of 20 experts. Similar to the SEC process, there is a period for interested parties to send in their comments by May 30th---with the final version expected at the end of June. When and if the IFRS and GAAP can come together and agree on final reporting standards, there should be rapid c… Continue

In light of today's sweeping Treasury proposals, it is worth noting that improving TRANSPARENCY in financial reporting is one of the key goals in the public capital markets---especially after the recent sub-prime mortgage crisis. In an Oct. 29, 2007 interview with Maria Bartromo, Treasury Secretary Henry Paulson said, "So there will be a focus on transparency in accounting as it relates to SIVs and the off-balance-sheet liabilities of regulated financial institutions. There will be a focus on r… Continue

A couple days ago I had to go over to a friend's office to use her PC. I wanted to check out Microsoft's IR presentation for the December 2007 quarter---recently released. It requires downloading their new Silverlight (tm) service, and I'm afraid my Mac just couldn't handle it. Check it out at http://www.microsoft.com/msft/IC/default.aspx . As Microsoft's Chris Liddell said, their report "takes advantage of new technologies (like XBRL)." They used XBRL to make the report dynamic, interactive, a… Continue

There are now many companies offering XBRL products and services for internal and external business reporting requirements. Until recently, I had not seen any sales targets or goals for business tied directly to XBRL. However, the following announcement by Fujitsu on March 11, 2008 suggests that world XBRL product activity might well be significant over the next few years. In part, Fujitsu stated: "Sales Target 30 billion yen in sales from all XBRL-related business over a three-year period."… Continue