Source: XBRL US
XBRL US, the nonprofit consortium for XML business reporting standards in the US marketplace announced today that Alfred R. Berkeley, Chairman, Pipeline Financial Systems, will lead its Board of Directors in 2008.
Prior to joining Pipeline Financial Trading, Mr. Berkeley was President and then Vice Chair of The NASDAQ Stock Market, Inc. and brings 30 years of experience in the financial services industry doing securities analysis and investment banking. Mr. Berkeley also served on the XBRL US interim board in 2007.
"Al's expertise in the financial markets will be a significant factor in helping to move XBRL adoption forward", said Barry Melancon, President and CEO, AICPA (American Institute of Certified Public Accountants), "The consortium is poised to complete the XBRL US GAAP Taxonomies now in public review and will continue to focus on the capital markets and building support for public company use of XBRL." Mr. Melancon served as Chairman of the XBRL US Board in 2007 and will serve as Vice Chair of the XBRL US Board this year.
Philip Moyer, President and CEO, EDGAR Online, stated, "EDGAR Online has been an XBRL US member since its inception in 1999, and has seen the organization evolve and mature significantly over these past 8 years. Al brings deep acumen, great vision, and a stellar reputation to this role. Al's background and his leadership in this new role underscores the importance that XBRL US is now placing on helping XBRL in moving out of the lab and into desktops and trading models of the investment community".
XBRL US also announced that it has issued a second draft release of the XBRL US taxonomies for US GAAP and common reporting practices, which were developed under a contract with the Securities and Exchange Commission. The XBRL US GAAP Taxonomies were first published for public review on December 5, 2007 and this second release incorporates comments received through January 18, 2008. A second draft of the Preparers Guide incorporating comments received through January 21, 2008, has also been posted and one more working draft of the Guide will be posted during the last month of the public review. The taxonomies and Preparers Guide are currently available for ongoing public comment.
"During the past year, XBRL US focused on development of the US GAAP Taxonomies to ensure the best possible product", said Al Berkeley. "In 2008, we'll continue working to improve the taxonomies by bringing in more technical expertise and we'll engage a broader spectrum of market participants to set the stage for faster adoption of the standard. I am pleased to be named Chair at such a critical time in the development of XBRL in the public company marketplace."