XBRL International will formally constitute the XBRL Standards Board (XSB) over the next few months but is immediately setting up an interim board. It has appointed Michael Ohata of Microsoft Corporation as founding chair of the XSB and issued a call for nominations to other positions.  

The decision to set up the board follows a review by the ISC of the process by which the XBRL International consortium produces its technical material, which includes specifications, technical guidance, and test materials to help software developers and requirements statements.

This coincides with moves in a number of countries to adopt XBRL, an electronic language which offers major benefits for the creation, communication and analysis of financial reports.

"The formation of the XBRL Standards Board is a milestone in the growing maturity of XBRL," Kurt Ramin, the chair of the XBRL International Steering Committee (ISC), said. "Adoption is increasing rapidly and the board will ensure that our technical output is of the highest quality and that we can respond quickly and efficiently to business needs."

"Until now, the production of XBRL technical materials has been overseen by the ISC," said Kurt Ramin, the chair of the XBRL International Steering Committee (ISC). "The creation of the standards board will provide more specialized and focused technical oversight."

 Tasks of the XSB, which will be accountable to the ISC, include:

• Increasing uniformly the quality, consistency and stability of XBRL International technical material.
• Raising the level of openness and formality of the XBRL International standards setting process.
• Managing the process more actively, resulting in improved interoperability which will accelerate adoption of XBRL.

The consortium announcement emphasized that the creation of the Board did not indicate change in the basic XBRL specification and related material. It said that the stability of XBRL was one of the key criteria for its success.