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2008 Top Technology Initiatives Press Release

2008 Top Technology Initiatives Complete Listing

New York, NY (Jan. 9, 2008) – Information Security Management will be the most important initiative affecting IT strategy, investment and implementation in business organizations over the next 12-18 months, according to the American Institute of Certified Public Accountants’ 19th Annual Top Technology Initiatives survey.

The AICPA poll was conducted in late 2007 with ISACA, the Institute of InternalAuditors (IIA) and the Information Technology Alliance (ITA). Respondents identified the Top 10 most important technology initiatives for 2008 as follows:

Information Security Management

IT Governance

Business Continuity Management and Disaster Recovery Planning

Privacy Management

Business Process Improvement, Workflow, and Process Exceptions Alerts

Identity and Access Management

Conforming to Assurance and Compliance Standards

Business Intelligence

Mobile and Remote Computing

Document, Forms, Content and Knowledge Management

International Accounting Standard Board – IASB


IASC Foundation publishes IFRS Taxonomy 2008

The International Accounting Standards Committee (IASC) Foundation today announced the release of the IFRS Taxonomy 2008.

The IFRS Taxonomy 2008 is a complete translation of International Financial Reporting Standards (IFRSs) as published in the IFRS Bound Volume 2008 into XBRL, an eXtensible Markup Language (XML) that is used to communicate information between businesses.

The taxonomy is published in the same languages as the IFRS Bound Volume 2008 and includes support material such as the Taxonomy Architecture Paper and the Taxonomy Extenders Guide.  

The IFRS Taxonomy 2008 represents a complete review of past taxonomies and is also the first taxonomy to undergo an extensive external review by the XBRL Quality Review Team, which comprises experts from the preparer community, securities regulators, central banks, financial institutions and software companies.

Securities and Exchange Comission – SEC

International Accounting Standard Board – IASB




Interactive Data to Improve Financial Reporting - SEC Proposes New Way for Investors to Get Financial Information on Companies

The US Securities and Exchange Commission has proposed to require all public companies in the United States to file their data with the SEC in XBRL format. XBRL reporting would be required for registrants using either US GAAP or IFRSs as published by the IASB. The transition would take three years:

Companies with worldwide public float over $5 billion (approximately the 500 largest SEC registrants) using US GAAP would be required to make financial disclosures using XBRL for fiscal periods ending in late 2008. That data would become available in early 2009.

The remaining companies using US GAAP would provide XBRL data over the following two years (mid-cap accelerated filers in in 2009 and small-cap in 2010).

Companies using IFRSs would provide the disclosure for fiscal periods ending in late 2010.

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