New Corporate Actions Taxonomy
Earlier this week, XBRL US announced the public release of
the 2012 Corporate Actions of Taxonomy. This taxonomy has been updated to meet
the ISO 20022 standard for Corporate Actions Anouncements.
"This latest release of the taxonomy reflects our experience in pilot testing as well as aligning to the ISO 20022 standard in support of the DTCC reengineering program," said Max Mansur, Program Manager, Securities Markets, SWIFT. "We encourage the financial services community, including brokers, custodians, investment managers and public companies, as well as XBRL specialists, to review the new release and submit comments."
XBRL US is encouraging XBRL users to examine and review the
taxonomy, so that they can address any concerns the new taxonomy has raised.
Will XBRL See Use in Washington?
Back in Mid-April, Campbell Pryde, President and CEO of XBRL
US, testified before the Human Resources Subcommittee of the Ways and Means
Committee on the benefits and waste reductions of XBRL reporting. This is but
one of a long string of public and private endorsements of the XBRL language
for use in Federal financial reporting. PRNewswire presented some of Campbell’s
encouraging words.
"We applaud Chairman Davis and others in Congress who are working to make government more effective through the use of technology. Data standards will reduce cost, increase speed, and increase transparency and the effectiveness of taxpayer dollars," said Mr. Pryde.
With so many figures in the financial world promoting the
use of XBRL, it is a wonder that it hasn’t yet been adopted. In the comments
below, tell us your opinions on the topic. Do you think Federal adoption of
XBRL is inevitable? If so, what’s holding it back?
Merrill Corporation is proud to offer XBRL Complete,
a suite of services that meets - and has
options to exceed – the mandated requirements
for XBRL for mutual funds. For more information,
please click here or call 866-367-9110.
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