XBRL International, Inc. (www.xbrl.org) announced today that XBRL-United Arab Emirates (XBRL-UAE) has joined the global consortium to support its efforts to adopt XBRL as the worldwide business reporting standard.
The XBRL-UAE jurisdiction joins more than 25 other XBRL International jurisdictions in Europe, Asia, the Middle East, North America and Australia. The XBRL business reporting standard is now mandated or used in regulatory filing programs in many of the world's leading capital markets, including Australia, Belgium, Canada, China, Denmark, France, Germany, India, Israel, Japan, Korea, Netherlands, Singapore, Spain, Sweden, Thailand, the United Kingdom and the United States among others.
"As the seventh largest economy in the world, the UAE supports XBRL as the global standard for business reporting and sees it as a vital tool to improve transparency for investors, analysts and regulators. We are pleased to join other XBRL jurisdictions to support the adoption and implementation of XBRL. The leadership of the UAE towards XBRL together with the use of International Financial Reporting Standards (IFRS) will help to speed-up and influence implementation of high tech reporting systems in the Middle East," said Kurt Ramin, past Chairman of XBRL International and Member of the UAE Jurisdiction Steering Committee.
"At the heart of rebuilding global investor confidence and moving us towards economic recovery is the ability to cost effectively access and reuse reliable and timely business information," said Mike Willis, CPA, Chairman of XBRL International and partner with PricewaterhouseCoopers. "XBRL-UAE is critical in our worldwide collaborative effort to harness the power of XBRL as a tool to improve transparency and reliability of business information."
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About XBRL International, Inc.
XBRL International, Inc. (XII) is a global consortium using a cooperative effort to create a common business reporting language based on XML. This Web protocol is being developed and promoted by an international, not-for-profit consortium of more than 600 major international companies, associations and government agencies. For more information about XBRL, please visit www.xbrl.org.
For more information, please contact:
T.David Colgren
Colcomgroup, Inc.
Tel:+1 917 587 3708
Email: dcolgren@colcomgroup.com
© Press Release 2009
