The IASC will release its taxonomy for public comment shortly. The taxonomy, an XML-based specification for the Commercial and Industrial sector, is expected to be final in the next few months.

The draft was released at the first global meeting of the XBRL.org Committee this week in London. XBRL.org, the international group developing XBRL for the preparation and exchange of business reports and data, counts several large accounting firms, software companies and accounting membership organizations among its members.

The Institute of Chartered Accountants in England & Wales (ICAEW) has formed a broad-based steering group in London that is in the process of developing the United Kingdom taxonomy for financial statements.

"XBRL will enhance the transition to full alignment for those countries currently using their local standards to transition to International Accounting Standards," according to Sir Brian Carsberg, Secretary General, IASC.

The XBRL committee released its first specification for U.S. companies, XRBL for Financial Statements, last July.

-- SmartPros News Staff

Send comments to information@smartpros.com.