SpiderMonkey captures the Business Reporting Zeitgeist
Vancouver, 5th December 2007.
CoreFiling, the leading XBRL (eXtensible Business Reporting Language) software vendor, has captured the mood of the Interactive Data conference in Vancouver.
Don Tapscott, the author of “Wikinomics” addressed the International XBRL conference in Vancouver on Monday, describing collaboration as a profoundly important development in the way we work. He pointed out that the rapid emergence of XBRL documents would create huge opportunities for companies and their stakeholders to collaborate, describing XBRL reports as truly interactive applications. In his speech he described the manner in which the US GAAP taxonomy (to be released on Wednesday, 5 December in New York) had been developed collaboratively using SpiderMonkey.
SpiderMonkey, CoreFiling’s enterprise taxonomy development platform has enabled collaboration across the more than 100 accounting experts that have been working on the creation of the XBRL-US GAAP taxonomy and it is facilitating the co-operative work of the three leading agencies working on the Dutch Government’s National Taxonomy Project. XBRL taxonomies are dictionaries of terms used to define business reports and are the foundation of business reporting for interactive data. With SpiderMonkey, users can concurrently define individual reporting concepts, as well as the complex web of relationships between concepts that make up a typical financial report. XBRL Taxonomies provide a single, authoritative set of definitions for use by report preparers as well as analysts and other consumers of this type of information.
The CEO of XBRL US, Mr Mark Bolgiano, in a separate speech at the opening day of the conference, said “SpiderMonkey sits at the heart of our taxonomy development and maintenance workbench. It allowed accountants and technologists – often as many as 40 – to work on the same taxonomy simultaneously. It makes the difficult task of modeling the XBRL US-GAAP Taxonomies possible”. He went on to say that CoreFiling staff had not only provided excellent technical support for the SpiderMonkey product, but technology leadership in the critical testing stage of the project, characterizing the skills and commitment of the CoreFiling support and consultancy teams as “exemplary”.
CoreFiling CEO John Turner thanked the Interactive Data community for their support and announced that a new version of the application, with complete coverage of the XBRL Dimensions specification was now available for download.