Dutch National Taxonomy Project licenses CoreFiling multi-user taxonomy development and processing platform
The Hague, 14th December 2006.
The Netherlands Ministry of Finance today announced that it had licensed a full taxonomy development platform for the ministries taking part in its XBRL-based cost reduction programme, the National Taxonomy Project ("NTP").
CoreFiling's recently launched SpiderMonkey taxonomy management system, announced last week at the 14th XBRL International Conference, will allow the NTP's government partners to develop and maintain the complex taxonomies being used to define regulatory filing obligations.
The NTP is a ground-breaking initiative of the Dutch government which is using the extensible business reporting language ("XBRL") to streamline and reduce reporting obligations imposed on business by a range of government agencies. CoreFiling's SpiderMonkey will be used alongside the True North XBRL processing engine, widely regarded as the Gold Standard for XBRL validation, to provide a seamless solution for definition of reporting obligations and real-time testing of submissions.
Project Director Harm Jan van Burg commented, "Our partnership of agencies will reduce red tape for businesses by cutting out duplication and streamlining the reporting burden imposed on the private sector. CoreFiling provides the complete solution able to support a government project of this size."
The SpiderMonkey taxonomy management system and True North processor complement the TRAX taxonomy review system that has been in use with the NTP since the beginning of 2006.
"The NTP is the first implementation of our complete life-cycle platform for taxonomy development and deployment," said John Turner, CEO of CoreFiling. "The Dutch national tax, statistics and regulatory agencies will now be able to work concurrently on the definition of business and reporting obligations."
SpiderMonkey breaks new ground in providing true multi-user taxonomy editing, with semantic merge capabilities and full audit trail. Finished taxonomies will be published for review through TRAX, and made available for third party submission testing through True North. True North is already deployed at tax and securities regulators in the US, the UK, and a number of other European countries.
About the NTP
NTP is a project of the Ministry of Finance and Justice and intends to reduce the administrative burden for businesses by using a semantic interoperable standard, the national XBRL taxonomy, for multiple regular reporting (tax, annual accounts and statistics). The National Taxonomy 1.0 is ready for use. Covenant members are committed to file the XBRL reports from the first of January 2007.