XBRL Emerging as Corporate Actions Solution
XBRL US, the consortium charged with the development of the XML-based extensible business reporting language and its promotion in the U.S., is aiming to standardize the delivery of corporate actions data and proxy statements, and possibly information on mortgage-backed securities.
Originally introduced in 1999 as an accounting standard, XBRL has been gaining momentum as a tool in regulatory reporting. The Securities and Exchange Commission has called for all public companies to file their 10K reports in XBRL by 2011. The Depository Trust & Clearing Corp., which became a member of XBRL US last month, and Swift have been working with the organization to establish semantic interoperability between XBRL and International Organization for Standardization (ISO) message types for corporate actions.
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