Best Software Helps Launch Extensible Business Reporting Language

Best Software is joining a global initiative to help develop and launch the new Extensible Business Reporting Language (XBRL) through its membership on the XBRL Project Committee, which represents financial, accounting, software, and government communities worldwide. XBRL is a free XML-based specification that uses accepted financial reporting standards and practices to exchange financial reports across all software and technologies, including the Internet. Accounting professionals are currently reviewing the language, which should reach the market in July. XBRL streamlines the financial information supply chain, which includes public and private companies, accounting firms, data aggregators, the investment community, and all other financial statement users. XBRL benefits include technology independence, interoperability, efficient financial statement preparation, and reliable financial information extraction. XBRL lets you enter information only once and render that information in any form. "XBRL allows companies, analysts, investors, and other audiences to make better-informed financial and management decisions and to leverage the capabilities of the Internet to facilitate the exchange of financial information," says Barry Melancon, president and CEO of the American Institute of Certified Public Accountants. "XBRL does not change existing accounting standards; it merely provides an efficient and reliable means for the exchange."

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