NASDAQ vice chairman talks about XBRL, capital market transparency and role of CPAs.

• Position: Technology - Alfred Berkeley; extensible business reporting language

In Aug. 2002, the NASDAQ Stock Market, Inc., Microsoft Corp. and PricewaterhouseCoopers teamed up to launch a pilot program that would demonstrate the power of XBRL (eXtensible Business Reporting Language) (The CPA Letter, Sept. 2002). The pilot program showcases XBRL's ability to provide companies with an easier means to communicate financial information and deliver it to investors with enhanced capability to analyze data.

Through this program, investors are provided with remote access to financial data from the financial reports of 21 NASDAQ-listed companies starting with a company's most recent financials and going back five years (www.nasdaq.com/xbrl). NASDAQ, a key driver of capital formation, is the first stock market to recognize the value of XBRL.

"NASDAQ is committed to increasing transparency for investors, which ultimately will help restore investor trust in the quality and integrity of the information that fuels the markets," said Alfred Berkeley, vice chairman of NASDAQ. "The widespread adoption of XBRL technology will mean corporations and investors alike will reap the benefits of a simpler process...