In Brief: XBRL U.S. Domain Group Posts Accounting Taxonomy

The eXtensible Business Reporting Language (XBRL) U.S. Domain Working Group and the American Institute of Certified Public Accountants have posted for public review a Public Working Draft of the U.S. Financial Reporting Taxonomy Framework and U.S. GAAP Commercial and Industrial Taxonomy. The U.S. Financial Reporting Taxonomy Framework provides a foundation that will be used in future taxonomy development, while the U.S. GAAP Commercial and Industrial Taxonomy provides companies within that industry the ability to create XBRL Financial Statements. Separately, the 6th International XBRL Conference will be held November 11 to 15 in Tokyo.

In Brief: FPL Opens Door to Broad Range of Participants

FIX Protocol Ltd. (FPL) has opened membership to all firms interested in participation including vendors, exchanges, ECNs/ATSs, industry associations as well as buy and sell side financial institutions. According to Michael O’Conor of the U.S. Chair of the Reorganization Committee, “We have been preparing to open up membership for the past couple of months and feel confident that new members will both find and add value as part of the newly restructured FPL organization." As part of the restructuring plan, FPL has been actively expanding its product coverage through the elevation of two key working groups to Global Product Committees in the Fixed Income and Derivatives area, and it is working on an XML-based version of the standard. The Global Fixed Income Committee originally began as a group effort between The Bond Market Association and FPL and is chaired by Dan Doscas of Lehman Brothers. The Derivatives Committee, chaired by Jim Northey of The LaSalle Technology Group, Inc. and a consultant for the CBOE, has been working actively within the futures and options industry to address derivatives market needs in FIX 4.4.