24 November 2005
We recently attended the 12th International XBRL Conference in Tokyo, Japan. There were many adoption stories - particularly:
- The Japan Financial Services Authority announced it planned to enhance its EDINET filing system using XBRL;
- The Bank of Japan announced its plans to use XBRL to gather filings from regulated entities;
- The Shanghai Stock Exchange announced it had implemented XBRl for filing and over 800 companies had used it in the last year. They were now plannig to extend this to cover temporary announcements and to convert historical data into XBRL format for the market to use;
- The Spanish Stock Exchange announced it had received XBRL filings from over 3000 listed entities and expected bigger things to have evolved by the time of the 13th XBRL International Conference in Madrid in May next year;
- The FDIC presented on their (positive) experience to date with the mandatory filing by approximately 8000 US financial insitutions in XBRL;
- The Chairman of the US Securities and Exchange Commission addressed the conference via video and applauded the efforts of XBRL International in helping to facilitate faster and more efficient information flow.
Many new software products were announced at the conference and these can be viewed on the XBRL International Showcase and Products and Services pages. In addition to the Annual General Meeting and International Steering Committee meetings, we participated in many initiatives at the Conference, including:
- Versioning specification
- New Jurisdiction set up
- Dimensions taxonomy specification
- XBRL GL Journal Taxonomy Working Group
- Extending the IFRS Taxonomy Workshop (Jim Richards presenting)
We also used the opportunity to have many conversations with our New Zealand counterparts and progressed many joint initiatives with them, news of which will be posted on the Activities pages.
The project to create an Australian extension to the IFRS Taxonomy has commenced with the first phase of arranging the funding almost complete. For more detail refer to Consortium Activities - Taxonomy Development.
Our project to assess the potential of XBRL to streamline financial reporting from SME's to the banks for loan covenant
monitoring is also under way with meetings having been held with all 4 major banks, the 2 main SME accounting software
vendors and The Australian Bankers Association (ABA). The Australian Taxation Office have now become involved in widening this initiative to include several prominent government agencies. For more detail refer to
Consortium Activities - Banks and SMEs.
Australia is also actively engaged in the XBRL International Assurance Working Group that will work closely with the International Federation of Accountants (IFAC) to work through the issues related to audit and assurance of XBRL formatted reports. For more detail, see Consortium Activities - XBRL in Assurance.
For information on the latest news internationally go to the
XBRL International web page.
XBRL Australia Ltd.
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