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XBRL-US to Become Independent of AICPA Sept. 26, 2006 The American Institute of Certified Public Accountants announced that XBRL-US will become an independent, not-for-profit organization. Initially formed as a volunteer committee of the AICPA, the new entity will continue as the chartered U.S. jurisdiction of XBRL International, Inc, and as a member-supported entity. As a self-sustaining entity, XBRL US Inc. will continue to support the implementation of XBRL in the United States through the development of taxonomies for use by both the public and private sectors, and promote adoption of XBRL through conferences, pilot programs, educational materials and events. The move coincides with the SEC's announcement that XBRL-US has been awarded a $5.5 million contract to complete the development of U.S. financial reporting taxonomies for public use. "As a founder of XBRL, the AICPA believes that the increasing engagement of business reporting supply-chain participants in this standards-based effort is an encouraging sign of market maturity and adoption," said Barry Melancon, AICPA president and CEO. See also: SEC Invests $54 Million for XBRL System |
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