BRUSSELS, BELGIUM, MAY 6, 2008 – XBRL International, Inc. (XII), www.xbrl.org, announced today it has formed XBRL Europe, a non-profit association based in Brussels to represent, coordinate and support XBRL members within Europe in their efforts to drive XBRL strategy and adoption across the region.  Founding members of XBRL Europe are: XBRL Belgium; XBRL France; XBRL Ireland; XBRL Spain; and XBRL International.

“XBRL Europe builds upon the many successes XBRL has already achieved through the hard work and dedication our XBRL members within the EU,” said Anthony Fragnito, CPA, CEO of XBRL International, Inc. “XBRL Europe will enhance existing efforts in the European region through a consistent process to facilitate dialogue with key stakeholders and drive adoption among business and financial executives, regulators, analysts, investment professionals and XBRL tool providers.”
“Formation of XBRL Europe represents a significant milestone in the adoption of XBRL,” said Conor O’Kelly, Acting Chair, XBRL Europe Executive Committee and XBRL International Vice Chair of Jurisdictions. “Several voluntary and mandatory XBRL filing programs are already underway in the EU and yielding positive results, and XBRL Europe will help coordinate those efforts, nurture others within the region and coordinate additional adoption efforts that demonstrate the value and power of XBRL.”

XBRL Europe will act as the regional point of contact in Europe for European institutions and organizations in order to assure the common promotion of XBRL. XBRL Europe will work with key influencers and decision makers within European institutions and coordinate representation of XBRL members’ interests to those individuals and organizations.

For more information about XBRL Europe, please visit http://www.xbrl.org/eu.  
About XBRL International, Inc.
XBRL International, Inc (XII) is a global consortium using a collaborative effort to create XBRL, an open source standard for business reporting based on XML. This Web protocol is being developed and promoted by an international not-for-profit consortium of more than 600 major international companies, organizations and government agencies. For more information about XBRL, please visit www.xbrl.org.



XBRL International Accepts Contribution of JustSystems’ IP Rights for XBRL Rendering Technologies to Further Promote Open Source Technology

Draws More Than 300 Securities Regulators, CEOs, CFOs, and Business Leaders from 37 Countries

EINDHOVEN, NETHERLANDS – MAY 5, 2008 – XBRL International, Inc. (XII), a global consortium dedicated to the development and adoption of XBRL, convened the 17th XBRL International Conference today in the Netherlands.  Drawing more than 300 prominent securities regulators, business and financial executives, analysts, investment professionals and software developers from 37 countries, the “XBRL in Action” themed conference opened with sessions showing real use case studies of XBRL around the world.  XBRL is now mandated or used in voluntary filing programs in Australia, Belgium, Canada, China, Denmark, France, Germany, India, Israel, Japan, Korea, Netherlands, Singapore, Spain, Sweden, Thailand, United Kingdom and United States.

“Markets representing two-thirds of the world’s total market capitalization have mandatory or voluntary XBRL filing programs in place,” said Anthony Fragnito, CPA, CEO of XBRL International, Inc.  “Just as companies using XBRL have attracted more attention from analysts and investors, the global XBRL effort is attracting more attention from international organizations representing financial executives, securities regulators, auditors and accountants.  This further illustrates that the market has accepted XBRL as the standard for business reporting and these groups have moved XBRL higher up in priority.”

XII also announced today that JustSystems, Inc., an active global XBRL member, has contributed its intellectual property rights for XBRL rendering technologies to XII, the standards body responsible for oversight of the XBRL specification.

“JustSystems’ generosity and leadership in donating its intellectual property is very much appreciated by the consortium,” added Fragnito. “This is an excellent example of how our collaborative process works, making relevant XBRL inventions by our members available for use within the XBRL community.  XBRL was formed on the basis of open source technology, and our collaborative development model relies on the generous contributions of its members for promulgation of the global XBRL standard.”

Under the terms of the contribution, XBRL formatting linkbase patents held by JustSystems will not be asserted. JustSystems will maintain invention rights, but the intellectual property and all documentation can be applied freely by the software developer community at large.

Fujitsu (www.fujitsu.com) is the presenting sponsor for the conference.

About XBRL International
XBRL International, Inc (XII) is a global consortium using a collaborative effort to create XBRL, an open source, standard for business reporting based on XML. This Web protocol is being developed and promoted by an international not-for-profit consortium of more than 600 major international companies, organizations and government agencies. For more information about XBRL, please visit www.xbrl.org.

CPA Australia Offers Web Helpt to Local Firms in XBRL Reporting (The Business Times Singapore - 29Apr08)

CPA Australia offers Web help to local firms in XBRL reporting

By Michelle Quah

29 April 2008

(c) 2008 Singapore Press Holdings Limited


PROFESSIONAL accounting body CPA Australia has released a webinar - a type of Web conference - to help Singapore companies prepare and submit financial statements in accordance with a new requirement introduced by the Accounting & Corporate Regulatory Authority of Singapore (Acra) in November.

Acra requires selected Singapore companies to file their financial statements in extensible business reporting language (XBRL), an open standard readable by computers, instead of the portable document format (pdf) used previously.

XBRL, which is an international electronic reporting language for business and financial data, aims to improve regulation of companies and allow them to eventually file just one set of financial statements that may be used by different agencies.

Companies such as banks, insurance and finance companies regulated by the Monetary Authority of Singapore are excluded from this requirement.

Commenting on the launch of CPA Australia's webinar, Acra chief executive Juthika Ramanathan said: 'Acra is pleased with this e-learning initiative by CPA Australia which will not only assist new users of (Acra's Web-based tool for the preparation of financial statements) the FS Manager transit smoothly to XBRL but also provide those who had used the FS Manager with a refresher should the need arise.'

The webinar was jointly developed, in collaboration with Acra, by two fellow CPA Australia members: National University of Singapore adjunct associate professor Chee Hay Kheong and Singapore Management University's associate dean at the School of Accountancy Themin Suwardy.

CPA Australia Singapore division president Chaly Mah said the webinar initiative is the first in a series of new technology resources that CPA Australia will release this year.

'Our focus is to provide members with more Web-based learning services and member knowledge-sharing platforms to help them in their businesses. This is a good example of utilising the expertise of our members,' he said.

The webinar is available free to CPA Australia members at www.cpaaustralia.com.au. Non-members can access the webinar for a nominal fee.

Raise the Standard (CFO Australia - 29Apr08)

General News

Raise the standard

By Julian Bajkowski

29 April 2008

Copyright 2008 Media Monitors Australia Pty Ltd. All Rights Reserved


The Federal Treasury is currently in the process of producing a structure of reporting for businesses. It will be called SBR, or standard business reporting, and intends to unite all financial state and federal reporting systems. The system will allow businesses to use information more freely, therefore reducing the burden of reporting on businesses. So far the SBR has only effected state and federal financial departments and regulators such as the Australian Consumer and Competition Commission (ACCC), Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC); however, the project is gathering strength and will be known by a lot more people in the coming months. The project aims to un-stuff a system that is inherently flaw with bickering jurisdictions, incompatible software programs and difficult language.

Yet, things are looking positive with many large technology companies such as IBM, Oracle, Reckon and MYOB offering support for the project. The technology companies are specifically looking at tackling the language issue, with XBRL (extensible business reporting language). The project is still some way off being completed, but importantly the project is underway.

Industry Braces For SEC's XBRL Mandate: U.S. Far Behind China, Japan on eXtensible Reporting (Money Management Exec - 28Apr08)

Industry Braces For SEC's XBRL Mandate: U.S. Far Behind China, Japan on eXtensible Reporting

By John Morgan  

28 April 2008

(c) 2008 Money Management Executive and SourceMedia, Inc. All rights reserved.

NEW YORK-As the world economy becomes increasingly connected, communicating important financial information, such as income statements, cash flow, balance sheets and mutual fund returns, would be all but impossible without a common language.

The U.S. is about to adopt eXtensible Business Reporting Language (XBRL) as the standard for reporting financial information, pending approval from the Securities and Exchange Commission.

At deadline, the SEC's endorsement was expected to be handed down imminently, a decision that many consider critical since U.S. financial markets, for all of their sophistication, breadth and depth, are lagging even emerging markets on XBRL initiatives.

Certainly, SEC Chairman Christopher Cox has made XBRL one of his crowning glories, and while he has not championed many mutual fund issues that lingered in his first years as SEC chair, most notably independent directors and shareholder proxies, he has come to the forefront and spoken very publicly on XBRL.

XBRL, an extension of the SEC's EDGAR (Electronic Data Gathering, Analysis and Retrieval System) regulatory filing initiative of the early 1990s, "is a global language that knows no national boundaries," said Brian G. Cartwright, general counsel for the SEC. "With it, you can readily display financial statements and related information in your own language, even if the financial statements were prepared in another language."

Cartwright calls XBRL the equivalent of putting bar codes on financial data, "except XBRL tags are like bar codes on steroids because they are linked through the taxonomy to so much useful information."

Instead of treating financial information like a block of text, XBRL provides a tag for each individual item of data. Computers can read these tags and allow users to sort the data using software applications like Microsoft Excel.

"It doesn't take a lot of imagination to envision that widespread adoption of XBRL is going to lead to the development of a lot of cool software to enable investors to exploit all that data and all that information in countless useful ways," he said.

New York-based EDGAR Online Inc. has jumped at the opportunity to become an XBRL niche player. For the past several years, EDGAR Online staff have been creating a huge archive of data sets dating back 10 years.

"EDGAR Online will be a company that transforms the industry," predicted Philip Moyer, the firm's president and CEO. "We believe there is an opportunity across all asset classes to provide transparency.

EDGAR Online provides access to SEC filings as well as other fundamental data, institutional holdings, insider trades, IPO/SPO registrations, and access to global annual reports and conference call transcripts. Everything is provided online, in an XBRL format.

"Up until 1993, if you wanted to get a report, you had to call the company and ask every quarter," Moyer said. "In 1993, the government created a central repository for financial information. By 1996, all companies in the U.S. were filing using EDGAR."

Eighty percent of countries outside the U.S. still don't have central repositories, he said, which would put the U.S. markets at a distinct competitive advantage, except Japan, which is known for being technologically ahead of the curve, and China, which is emerging as a dominant world power and doing everything possible to achieve that. Both are already far ahead of the U.S. on XBRL, experts said.

"Financial information about equities is like oxygen," Moyer continued. "Today, we take for granted access to income/outflow statements, but many large data aggregators are still typing this data by hand."

EDGAR Online, which is structured around Microsoft Excel, has data sets for all 12,401 publicly traded companies in the U.S., with as many as 6,000 data elements for each firm. Additionally, EDGAR Online has collected data on 1,500 public companies in China, with up to 3,500 data elements per company.

The Power to Excel

During a quick demonstration at EDGAR Online's Manhattan headquarters recently, Rob Krugman, supervisor of product development for EDGAR Online, zipped through several spreadsheets of publicly traded companies, comparing cash flows, balance sheets, income statements and shareholder equity, all updated to the minute. The sophistication, Krugman said, is right up mutual and hedge fund portfolio managers' alley.

It is not, however, something for the common man, which is a point, nonetheless, that SEC Chairman Cox has made.

With a few simple clicks, a proficient Excel user can use the system to compare things like casino revenues and exposure to real estate by banks from around the world.

"To be really proficient, you have to have a given knowledge of Excel," Krugman said. "People who do this for a living live in Excel. The idea is to make this as painless as possible."

Krugman said the handful of customers who are at an advanced level can use the program as a starting point for a much more sophisticated comparison.

Despite efforts of the U.S. to stay at the front of the business world, global businesses and foreign regulators are already far ahead of U.S. efforts to make the XBRL language mandatory.

The China Securities Regulatory Commission and the Shanghai Stock Exchange require listed companies to file their quarterly, half-year and annual reports using XBRL, Cartwright said, as well as Japan's Financial Services Agency and regulators in South Korea.

"It's not too hard to envision the day in the not too distant future when investors worldwide will be able to access, analyze and compare the financial statements of companies around the world using globally accepted tagging and accounting standards," Cartwright said.

"Any day now, we expect the SEC to mandate XBRL coding," Moyer said.

Until then, coding company filings in XBRL is voluntary and must be done in addition to normal EDGAR requirements.

(c) 2008 Money Management Executive and SourceMedia, Inc. All Rights Reserved.

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