The XBRL Steering Committee is a nonprofit group of more than 70 companies and organizations developing an XML-based framework for the reporting of business information.

MIP will participate in the development of the XBRL standard for nonprofit financial reporting. The firm's Advantage NonProfit Series product will be the implementation platform for this new standard over the next 12 to 18 months.

"We believe XBRL will be a standard part of doing business worldwide within 18-24 months in the commercial and industrial sectors because of the huge cost reduction that it can bring to so many industries," said MIP chief executive Kent Hollrah. "We believe the same, if not more, significant cost savings will also apply to the nonprofit sector."

The initial goal of XBRL is to provide an XML-based framework that the global business information supply chain will use to create, exchange and analyze financial reporting information including regulatory filings such as financial statements, general ledger information and audit schedules.

"Everything from balance sheets to form 990 can be represented in XBRL and doing so will greatly reduce the cost of making these reports available, improve their accuracy and deliver them in a timely manner," said Dan Germain, MIP's director of product management and member of the XBRL Steering Committee.

-- SmartPros News Staff

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