New York (Nov. 5, 2003) -- As part of its participation in the development and adoption of eXtensible Business Reporting Language, Big Four firm KPMG has placed Jennifer Moriarty, an auditor with the firm’s financial services practice, in an inaugural XBRL fellowship at the Financial Accounting Standards Board.

FASB created the XBRL fellowship to investigate ways in which XBRL and related technologies can be used to improve corporate financial reporting and to develop policy recommendations on XBRL’s role in FASB’s standard-setting projects.

XBRL is a business reporting derivation of XML, or Extensible Markup Language, a framework that electronically tags financial data and enables a free exchange between multiple software systems on different computer platforms. Currently, the Federal Deposit Insurance Corp. has an ongoing $39 million development project for an XBRL system that gathers call report statements. Other groups with XBRL reporting systems in place or in the final planning stages include the Korean Stock Exchange, the U.K. Inland Revenue Agency and the Australian Prudential Regulatory Authority.

KPMG was one of the founding members of the XBRL International Consortium. For more information on XBRL and KPMG’s Global XBRL Services, see www.kpmg.com/xbrl.

-- WebCPA staff

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