Microsoft, Nasdaq, PwC Launch XBRL Pilot

Microsoft, Nasdaq and PricewaterhouseCoopers on Tuesday kicked off an XBRL pilot that pairs PwC-designed software running on Nasdaq systems that provide data to Web surfers using Microsoft Office desktop applications. For the project, the financial data of 21 Nasdaq-listed companies will be available on Nasdaq's Web site to users running a Web browser and Excel 2000/2002.

"Right now, with numbers not published in XBRL format, it's very hard to compare financial statements and balance sheets from more than one company. Footnotes are buried in six-point fonts, and comparing that footnote vs. last year's is not easy," said David Jaffe, lead product manager for Microsoft Office.

XBRL, a subset of XML for reporting and publishing financial data, will give consumers and financial analysts an easier way to get the best financial comparisons, Jaffe said.

"This is especially important considering the recent [accounting scandals," he said. "From a consumer standpoint, it means reducing the hours needed to manually deal with information and access to more complete and accurate information." Corporations supplying their data in XBRL format can lower the cost of producing reports, he added.

Industry observers say Microsoft, through the XBRL project, is trying to position Office as the best client for consuming Web services and the best way to author Web services content.

XBRL is backed by the American Institute of Certified Public Accountants, Deloitte Touche, Ernst and Young, IBM, J.D. Edwards, KPMG, Microsoft, SAP and other technology and financial companies.