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Financial Planning > Behavioral Finance

Group Releases Financial Statement Data-Tagging Standards

By Staff Writer

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NU Online News Service, June 19, 3:15 p.m. – XBRL.org, New York, has released a draft of a new set of standards that could make it easier for companies to share information from financial statements on the Web.

The standards set, XBRL for Financial Statements, lists hidden “tags,” or identification codes, that software developers, accountants and corporations can use to identify corporate names, telephone numbers, net income figures and other types of information in electronic financial statements.

The hidden tags will help computers search financial information databases quickly for the information that users want to find, advocates say.

XBRL released an early version for U.S. software developers in July 2000.

The new draft version will work better with XML, an international set of rules for developing data identification tags, XBRL.org says.

XBRL.org is now considering public comments on the draft version.

Members of XBRL.org include all major North American accounting firms and accounting groups; Moody’s Risk Management Services Inc., New York; Standard & Poor’s, New York; and Fidelity Investments, Boston.

More information is available from the XBRL.org Web site, at http://www.xbrl.org

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