XBRL can allow IFRS-US GAAP conversion

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11 Dec 2006

US SEC Chairman Christopher Cox spoke about The Promise of Interactive Data at the 14th International XBRL Conference in Philadelphia on 5 December 2006. IASB Chairman Sir David Tweedie also spoke at the conference.

Chairman Cox noted that one of the benefits of XBRL could be to allow easy conversion between IFRSs and US GAAP:

Beyond the many uses that companies, investors and analysts will make of interactive data, it's easy to imagine more that the world can do with this powerful new capability. As Sir David and I follow the roadmap to 2009 that our agencies have laid out, by which we hope to eliminate the requirement that reports using International Financial Reporting Standards be reconciled to U.S. GAAP, it is already possible to imagine that XBRL taxonomies – written without bias toward any particular set of accounting rules – could be used to instantly translate any given set of financial data from one accounting system to another. So even if the world is never quite possessed of a global accounting Esperanto, we will still be able to speak the same language.

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