IFAC Joins XBRL Consortium

Description:IFAC has joined the consortium of organizations that are actively contributing resources and funding to ensure the success of XBRL. XBRL stands for eXtensible Business Reporting Language. Over 90 companies representing the global business reporting supply chain have joined forces to develop XBRL for the preparation and exchange of business reports and data. The initial goal of XBRL is to provide an XML-based framework that the global business information supply chain will use to create, exchange, and analyze financial reporting information including, but not limited to, general ledger information, regulatory filings such as annual and quarterly statements, audit schedules and tax schedules.