October 19, 2010 – XBRL US, the national consortium for XML business reporting standards, has created a 16-member Best Practice Committee as part of XBRL US’ focus on data quality. The committee is charged with identifying and reaching agreement on best practices in the creation of XBRL-formatted financial statements from public companies reporting to the Securities and Exchange Commission.

RedOrbit brought this news to our attention in their posting of PR Newswire’s article, “XBRL US Establishes Best Practice Committee as Part of Data Quality Focus.” To date, over 1,440 companies have submitted more than 3,400 XBRL exhibits to comply with the SEC’s mandate, which started in June 2009. By June 2011, every public company will be required to report financial statement information in XBRL format.

Elmer Huh, Director, Duff & Phelps Securities, LLC – Financial Advisory and Investment Banking, a member of the committee, said,

“The kind of guidance the Best Practice Committee provides will help ensure we truly capitalize on XBRL’s capabilities. “

Of course, we’re all about standards when it comes to taxonomy. Access Innovations is one of a very small number of companies able to help its clients generate ANSI/ISO/W3C-compliant taxonomies.

Melody K. Smith

Sponsored by Data Harmony, a unit of Access Innovations, the world leader in indexing and making content findable.