Originally appeared in MiFID Monitor
Michael Schlanger, vice president of product management for XBRL at technology vendor Merrill Corporation, has been appointed to serve on the XBRL US board of directors. According to the vendor, Schlanger develops financial product strategies in response to client and regulatory needs and is on the leadership team guiding the development and sale of Merrill’s XBRL service offering.
Mark Bolgiano, president and CEO, XBRL US, explains the reasons behind the appointment: “Input from companies like Merrill and other reporting organisations will be important as we expand beyond financial statement reports into areas such as corporate actions, governance and proxy statements.”
XBRL US is responsible for developing the US GAAP Taxonomies under a contract with the Securities and Exchange Commission (SEC). Extensible business reporting language (XBRL) is the global open standard to prepare, publish, exchange and analyse business reports and statements in a machine readable format. On 17 December 2008, the SEC adopted rules that require all public US companies (and foreign companies that follow US GAAP rules) to file financial statements, footnotes and schedules in XBRL format.