Council formed to review XBRL taxonomy

News Article - 23 November 2007
Category: Business

An advisory council and review team has been created by the International Accounting Standards Committee (IASC) Foundation to provide advice to its trustees and extensible business reporting language (XBRL) team.

The IASC Foundation has announced the intitial members of the council and XBRL quality review team in time for its first meeting in December.

IASC Foundation team leader Olivier Servais remarked: "The calibre of applications for membership of these two advisory bodies demonstrates the wide interest in interactive data and its importance to the world of financial reporting."

The voluntary members of the advisory council will be in place to provide advice in implementing XBRL taxonomy for International Financial Reporting Standards and the review team will aim to assess the IASC Foundation's use of the computer code.

An Office of Interactive Disclosure has been set up by the US Securities and Exchange Commission to help companies put XBRL into practice.

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