XBRL US Labs has issued a call for research partners to expand the research and development projects it already has underway and named its first three research fellows.
The organization aims to develop taxonomies for corporate actions, proxy and governance, and asset-backed securities. The organization standardizes data-tagged financial reporting in the U.S. and helped develop the XBRL U.S. GAAP Taxonomy that the Securities and Exchange Commission has begun requiring large public companies to use for filing their financial statements.
In addition to taxonomy development, other areas of research will focus on the harmonization of Extensible Business Reporting Language with other standards such as International Standards Organization 20022 for financial services and the federal government's National Information Exchange Model framework.
The research will also focus on advanced work on Extensible Markup Language and XBRL implementations in the areas of identity management, extensibility, and rendering of tagged documents and data streams.
In announcing the call for partners in an annual report to members at the XBRL National Conference, president and CEO Mark Bolgiano also named the first research fellows, three individuals recognized for major contributions to the development of the US GAAP Taxonomy: Landon Westerlund, a partner at KPMG who coordinated accounting efforts for the project; Dr. Walter Hamscher, president of Standards Advantage, a computer scientist and XBRL expert who joined the SEC's Office of Interactive Disclosure in 2008; and Paul Sappington, vice president of software development at Edgar Online, who was the project technology lead.
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