Global Accounting Alliance Donation to Support Evolution of XBRL Standard

WASHINGTON--(BUSINESS WIRE)--XBRL International (XII) today announced a donation from the Global Accounting Alliance (GAA) for the purpose of advancing the work of XII to meet global market demand for the XBRL standard. Citing strongly aligned views on the value of an open source standard for business and financial data the Global Accounting Alliance pledged financial support for XBRL International’s efforts.

“We look forward to approving our strategic plan which calls for XII to build the XBRL standard with the broadest input and participation possible, including attracting support from key technology and international leaders.”

"GAA and XII have deeply shared values about the XBRL standard,” said Anthony Fragnito, CEO of XBRL International. “Their financial support, along with new jurisdictions like XBRLChina, will help fuel progress as we continue our global mission to provide an international standard language for business data. During the XII Steering Committee (ISC) meeting in Brussels later this month we will refine our plans for scaling XII to meet these demands.”

Mike Willis, ISC Chair, will lead the meeting in Brussels and facilitate discussions on topics such as developing and resourcing the XBRL standard development plan, the XII participation model and business plan and the work plan for the XII Best Practices Board.

XII recently announced XBRL China as the 20^th Jurisdiction of XII. With the addition of 5 Provisional jurisdictions XII continues to build a strong network in Europe, Asia, the Middle East, North America and Australia. The role of jurisdictions in XII is to facilitate market collaboration and to promote, educate and assist in the implementation of XBRL projects. Jurisdictions are a key partner in the mission of XII driven by the needs and desires of the local membership base.

"Increased participation from the global community is key to strengthening the XBRL standard and the support materials available to aide implementation," said Anthony Fragnito, CEO of XII. "We look forward to approving our strategic plan which calls for XII to build the XBRL standard with the broadest input and participation possible, including attracting support from key technology and international leaders."

About Global Accounting Alliance

The Global Accounting Alliance (GAA) is an international coalition of accounting bodies that was formed in 2006. The GAA aims to promote quality professional services, support their members globally and share information and collaborate on international accounting issues. The members of the alliance represent over 775,000 of professional accountants.

About XBRL International, Inc.

XBRL International, Inc. (XII) is a global consortium using a cooperative effort to create a common business reporting language based on XML. This Web protocol is being developed and promoted by an international, not-for-profit consortium of more than 600 major international companies, associations and government agencies.

The XBRL business reporting standard is now mandated or used in regulatory filing programs in most of the world’s capital markets. XBRL has deep penetration in banking, business registries and accounting standards globally.