OYO Geophysical has published its first quarter 2006 accounts using the XBRL financial reporting language. The accounts leverage W3C technology, namespaces from Edgar-Online and xbrl.org to provide machine readable financial information to investors.
The Extensible Business Reporting Language allows individual investors to download data direct to an Excel spreadsheet or to format it in HTML documents for further analysis. The XBRL specification will ultimately allow for ‘like for like’ comparison of company financials from different sources. Latterly, Business Wire also offers XBRL-based information for many companies.
The U.S. Securities and Exchange Commission recently announced that 17 companies will participate in an XBRL test program. The companies will help explore how XBRL can improve the financial reporting process, provide feedback to the SEC and enable investors and analysts to assess new techniques for analyzing interactive data. For more information on interactive data and XBRL initiatives at the SEC, please visit http://www.sec.gov/spotlight/xbrl.htm.
Last month, the XBRL International Standards Board (XSB) was set up to enhance the quality, consistency and stability of XBR. The Board will also raise the level of openness, formalize the standards setting process—particularly to facilitate interoperability and accelerate adoption of the standard.
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