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XBRL Blog Magazine: XBRL US to Testify to Domestic Policy Subcommittee of the Oversight and Government Reform Committee on March 11

WASHINGTON–(BUSINESS WIRE)–XBRL US will report to the Domestic Policy Subcommittee of the Oversight and Government Reform Committee in a hearing on “Assessing Treasury’s Efforts at Preventing Waste and Abuse of TARP Funds”. The hearing will assess Treasury’s oversight of the use of funds by financial institutions under the Troubled Asset Relief Program (TARP), including data collection procedures to monitor the use of funds and the ability of Treasury to detect and prevent waste and misuse of funds.

Prepared remarks given by Mark Bolgiano, President and CEO, XBRL US will describe how the use of XBRL (Extensible Business Reporting Language) a free, open-source technology standard can be used to provide government and investors consistent, comparable reporting on the existing pool of securitized assets, help regulators track the disbursement and use of TARP funds and enable more effective regulation by government. XBRL is a standard agreed upon by industry and government that makes information computer-readable and therefore more easily searched on, extracted and analyzed.

After the hearing, Mark Bolgiano will be available for comment. To schedule an interview, please contact Michelle Savage, Vice President, Communication, XBRL US, Inc. (917) 747-1714, [email protected] or Lynne Hasluck, Communications Manager, XBRL US, Inc. (917) 572-8264, [email protected].

What: Domestic Policy Subcommittee of the Oversight and Government Reform Committee hearing on “Assessing Treasury’s Efforts at Preventing Waste and Abuse of TARP Funds”
When: March 11, 2009 at 10:00 a.m. ET
Where: Room 2154 of the Rayburn House Office Building

About XBRL

XBRL (Extensible Business Reporting Language) is a royalty-free, open specification for software that uses XML data tags to describe business and financial information for public and private companies and other organizations. XBRL benefits all members of the information supply chain by utilizing a standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze financial statements and the information they contain. XBRL International is a non-profit consortium of approximately 550 organizations worldwide working together to build the XBRL language and promote and support its adoption. XBRL International is responsible for the technical XBRL specification and each country-specific jurisdiction works to facilitate the development and adoption of local XBRL taxonomies, or dictionaries, consistent with accounting, regulatory, and market standards and practices.

About XBRL US

XBRL US is the non-profit consortium for XML business reporting standards in the United States and is a jurisdiction of XBRL International. It represents the business information supply chain, including accounting firms, software companies, financial databases, financial printers and government agencies. Its mission is to support the implementation of XML business reporting standards through the development of taxonomies relevant for use by US public and private sectors, working with a goal of interoperability between sectors, and by promoting adoption of these taxonomies through the collaboration of all business reporting supply chain participants. XBRL US has developed taxonomies to support U.S. GAAP and common reporting practices under a contract with the Securities and Exchange Commission. The XBRL US GAAP Taxonomies are available for review at http://xbrl.us/usgaappublicreview/Pages/default.aspx.

Source: XBRL US, Inc.
Links: www.xbrl.us

Contacts

XBRL US, Inc.
Michelle Savage, Vice President, Communication
917-747-1714
[email protected]

Read the original blog entry...

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