The existing membership base of the two committees has been enhanced through increased representation from auditors and preparers, financial institutions, accounting bodies, standard-setters, regulators and software vendors from around the world.
Inaugural members of the XAC and XQRT were first appointed in November 2007 and have provided vital stakeholder input to the Foundation´s XBRL activities, and in particular to the development of the IFRS Taxonomy. A review of the membership of both committees was conducted in preparation for the expiry of members’ terms on 31 December 2010. The expiry of these inaugural terms presented the Foundation with an opportunity to enhance the composition of both committees by including a broader range of international stakeholders. The new membership of the XAC and XQRT is therefore intended to reflect changes in the financial reporting and XBRL landscape and the widening user base of IFRS and XBRL reporting around the world.
Commenting on the announcement, Bruno Tesnière, reappointed Chairman of the XAC and Partner at Pricewaterhouse Coopers France, said:
"I am honoured to have been reappointed Chairman of the XAC. The calibre of the applications received and of the newly-appointed members is testimony to the growing interest and significance of XBRL reporting around the world, which goes hand in hand with financial reporting, and in particular IFRS."
Roland Hommes, reappointed Chairman of the XQRT and a data architecture consultant to the Dutch Standard Business Reporting Program, added:
"As a protagonist of data standards I have been pleased to see a rise in interest in XBRL in the financial community over the past few years. I have also been pleased to support the efforts of the IFRS Foundation because through these efforts the benefits of having a common electronic vocabulary for business reporting is becoming increasingly obvious to different groups around the world."
The XAC provides strategic advice to the IFRS Foundation on the adoption and implementation of the IFRS Taxonomy throughout the world. The XQRT reviews developed taxonomies and provides input and practical recommendations on the usability of the IFRS Taxonomy from the perspectives both of XBRL technology and of financial reporting. Members of both committees are drawn from a broad geographical spread and from a range of professional backgrounds.
Terms for new and reappointed members on both committees will commence on 1 January 2011 and will expire on 31 December 2013.
Press release
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