The Securities and Exchange Commission has awarded a trio of contracts totaling $54 million to transform the financial statements in its Edgar database into interactive information.Included in that strategy was some $5.5 million earmarked for XBRL US Inc. to complete the writing of XBRL taxonomies, so that every item in a company's financial statement, such as net income or gross sales, can be assigned a unique, computer-readable label.
The company, originally formed as a volunteer committee of the American Institute of CPAs, also announced that it will operate independently in the future - as a nonprofit, member-supported entity of XBRL International Inc. XBRL US will have responsibility for the development of the computer standard in America, and is expected to complete the SEC work within a year.
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