Click here to read the letter from members of the XBRL consortium to SEC Chairman Christopher Cox regarding adoption of XBRL as the primary format for public company reporting in the US.
XBRL is a language for the electronic communication of business and financial data which is set to revolutionize business reporting around the world. 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 those involved in supplying or using financial data. The XBRL International consortium is hosted and supported by the American Institute of CPAs, one of the founding members of XBRL International.
For example, beginning this month, the Federal Deposit Insurance Corporation will begin accepting quarterly bank call reports using the XBRL format. As banks and financial regulators around the world work toward adoption of the New Basel Capital Accord or Basel II, XBRL is likely to play an increasingly important role in financial reporting for all types of companies.
The US jurisdiction of XBRL International is composed of companies, organizations, and individuals dedicated to developing and promoting the adoption of XBRL. Click here to see a list of members of XBRL US. More than 300 companies and organizations are members of XBRL International. XBRL-US is hosted and supported by the American Institute of CPAs, one of the founding members of XBRL International.
IRA is a custom designer of risk analysis and valuation tools for credit officers, auditors, corporate lenders, regulators and other financial decision makers. The IRA Bank Monitor is the first commercially available Basel II benchmarking system for US banks, using "as filed" data and calculations from taken from US bank regulatory agencies.