NEW YORK, NY, OCTOBER 6, 2010 – XBRL International, Inc., (XII), the global standard setting body for the XBRL, today released “Preserve. Promote. Participate. Moving XBRL Forward,” a core vision document that outlines six strategic initiatives to continue the momentum of the XBRL standard.
“Preserve. Promote. Participate.” invites all business reporting stakeholders to get involved in advancing the XBRL standard, outlines the strategic initiatives proposed by the XBRL International Standards Board (XSB), and discusses how these initiatives position XBRL for the future while preserving current investments.
“XBRL is at a historic milestone – it is already being used by millions of companies, investors, regulators, analysts, accountants, and technologists around the world,” said Anthony Fragnito, CPA, CEO of XBRL International, Inc. “The standard is poised to cultivate even greater market opportunities and value by leveraging the full power of the global XBRL community. The XBRL movement is an open, collaborative community filled with diverse, talented experts who put aside competitive motivations in favor of the collective good that XBRL delivers: greater transparency, improved risk management, and more informed decision-making. Our strategic initiatives create the engine to drive further XBRL adoption.”
Developed after careful deliberations and consideration of worldwide input received from XII’s February 2010 Discussion Document, “Preserve. Preserve. Participate.” outlines these initiatives:
1. Create an abstract model to provide a conceptual framework for understanding XBRL and give
developers a strong foundation for implementing XBRL solutions.
2. Produce quality training materials to support developers and educate those new to XBRL.
3. Define standard Application Programming Interface (API) signatures that enable software
applications to more easily and consistently connect with XBRL-enabled systems.
4. Reorganize the existing XBRL technical specification to make it more readable and easier to
understand.
5. Enhance data comparability to enable richer analysis across a wider set of data, regardless of
project boundaries.
6. Create application profiles to simplify the application development process by decomposing the
XBRL technology stack into smaller components.
“The XBRL Standards Board has outlined a set of strategic initiatives with the goal of making it easier for
developers to produce, compare and use XBRL data within software applications,” said Chethan Gorur,
Chair of the XSB. “We invite the XBRL community to take an active role in the development of these
initiatives.”
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