XBRL for corporate actions

The financial world is grappling with rollout of XBRL, which we've written about quite a bit over at FierceComplianceIT. Obviously, this is getting a lot of attention as a reporting technology, and many are bullish on the type of analytics and information visualization opportunities that will open.

But there has also been another movement afoot, one that promotes the XBRL to make corporate actions easier to process. Long the bane of the bank and brokerage industry, these actions are now handled via manual ad hoc processes at most places. About 200,000 corporate actions, such as dividends, bond redemptions, rights offerings and mergers are announced each year by publicly traded U.S. companies, notes Securities Industry News.  

DTCC provides its many participants with information on corporate action events. And it, along with Swift, has been promoting XBRL to issuers as a way to format for corporate actions. The asset management industry has thrown its support behind that initiative; the Asset Managers Forum has announced its supports the effort. The ball now rests with the issuers. We need a few big companies to rise up and take the initiative. A taxonomy is being developed and should be available by the end of 2010. 

For more:
- here's the article 

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