NU Online News Service, Feb. 24, 2005, 3:43 p.m. EST
An insurance technology standards group is looking at ways to work together with a financial reporting standards group.[@@]
The insurance group, the Association for Cooperative Operations Research and Development, Pearl River, N.Y., has started building bridges with the financial reporting group, the XBRL Consortium, New York, by publishing a paper that talks about ways data standards can help insurers.
ACORD has developed many different kinds of insurance data standards over the years, including sets of standards for using XML, a relatively new approach to identifying bits of data so that computers will have an easy time sorting the data and translating it into new formats.
XBRL focuses on developing XML standards that businesses of all kinds can use to report income, sales, revenue and other financial figures.
ACORD began working on the ACORD/XBRL paper because insurance industry executives wanted more information about the roles ACORD and XBRL play, ACORD says.
Now that ACORD and XBRL have completed the paper, they are setting up a meeting for chief financial officers to give them a chance to talk about data standards, ACORD says.