{"id":486,"date":"2008-03-07T07:00:47","date_gmt":"2008-03-07T15:00:47","guid":{"rendered":"http:\/\/www.formtek.com\/blog\/?p=486"},"modified":"2008-03-07T07:00:47","modified_gmt":"2008-03-07T15:00:47","slug":"technology-new-format-set-to-revolutionize-financial-data-transfers","status":"publish","type":"post","link":"https:\/\/formtek.com\/blog\/technology-new-format-set-to-revolutionize-financial-data-transfers\/","title":{"rendered":"Technology: New Format set to Revolutionize Financial Data Transfers"},"content":{"rendered":"

The cost to transfer financial data could drop dramatically later this year should a new data specification be approved by the Securities Exchange Commission (SEC). It’s called the Extensible Business Reporting Language (XBRL<\/a>) US Generally Accepted Accounting Principles GAAP Taxonomies, but it’s really nothing more than a specification for how to represent business and financial performance data in XML format. Mike Willis, a partner with PricewaterhouseCoopers described XBRL “like an MP3 file for analytical concepts”.<\/p>\n

A draft of the specification was released in early December and the SEC is expected to approve it as early as the end of Q1 2008. The European Union Central Bank Supervisors and the U.S. Federal Deposit Insurance Corp. are both already using the exchange standard. Use of the format is required in Japan and China, and the UK will be using it beginning in 2010.<\/p>\n

XBRL benefits include:<\/p>\n