XBRL International announced its support for the US Securities & Exchange Commission's (SEC) proposed Roadmap that leads to the use of International Financial Reporting Standards (IFRS) by US public companies beginning in 2014.
The SEC Roadmap moves U.S. capital markets closer to a unified standard for financial reporting. More than 100 other countries have already adopted the IFRS framework.
"In today's borderless business environment the interests of investors would be better served by global frameworks for financial and non-financial reporting," states Anthony Fragnito, CPA, CEO of XBRL International, Inc. "These frameworks include IFRS for financial reporting, as well as complementary frameworks for sustainability, KPIs, governance, risk and compliance, among others. XBRL is the recognized format standard to express these concepts and XBRL members develop and support taxonomies and tools which represent each of these frameworks."
XBRL regulatory mandates or voluntary filing programs for listed company filings are currently in place in numerous countries, including Australia, Belgium, Canada, China, Denmark, France, Germany, India, Israel, Japan, Korea, the Netherlands, Norway, Singapore, Spain, Sweden, Thailand, the United Kingdom and the United States.