NewRiver Inc., – creators of the leading central repository of mutual fund documents and data for financial services firms today announced that they have joined XBRL US, the national consortium for XML business reporting standards. The mission of the Consortium is to facilitate development of taxonomies relevant for use in the US marketplace including the XBRL US GAAP Taxonomies for use by public companies and to promote the use of XML for business reporting. Specifically, XBRL-formatted documents enable greater efficiency, improved accuracy and reliability as well as cost savings to those involved in supplying and using financial and business information data.
The Securities and Exchange Commission (SEC) recently published a rule proposal that, if enacted in its current form, would mandate the use of XBRL in mutual fund risk return summaries by as early as the first quarter of 2010. XBRL US has established a solid foundation for business and financial reporting, and anticipates incorporating the mutual fund data into that framework to ensure that all reporting applications are consistent, reliable and interoperable.
“NewRiver is well known in the industry as a leading expert in the delivery of mutual fund documents and data,” said Mark Bolgiano, President and CEO of XBRL US. “Their involvement with the Consortium will be valuable as they have been driving electronic delivery of mutual fund documents and data for years.”
XBRL is a royalty-free, open specification for software that uses XML data tags to describe business and financial information for public and private companies and other organizations. XBRL benefits all members of the information supply chain by utilizing a standards-based method with which users can prepare, publish, exchange and analyze business and financial statements in a variety of formats and the information they contain.
XBRL is based on XML, a widely accepted standard, and has the ability to “tag” or code each element on a financial or business report with information such as description, units, currency, etc., so users can easily identify and understand the information. All the elements are grouped together into a collection of financial and business reporting terms called a “taxonomy.” XBRL is extensible, meaning that the terms available for use can be customized so that companies using XBRL can create their own elements – called "extensions" – to describe a unique reporting situation.
“Joining the XBRL US Consortium is a part of our ongoing effort to help the industry simplify financial disclosure,” said Russ Planitzer, President and CEO of NewRiver. “As the leading expert in delivering EDGAR-based mutual fund documents and data, NewRiver is bringing strong subject matter expertise to the Consortium. In fact, we participated in the Investment Company Institute’s (ICI) development of the most recent XBRL taxonomy and we look forward to participating in this worthwhile effort.”