Coles College accounting professor helps improve availability of information for investors
Kennesaw‚ GA – The work of an accounting professor at the Coles College of Business at Kennesaw…
Georgia (Mar 8, 2007) — Coles College accounting professor helps improve availability of information for investors
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Kennesaw‚ Ga. (March 8‚ 2007) – The work of an accounting professor at the Coles College of Business at Kennesaw State University could make it much easier for stockholders to rapidly receive detailed‚ high quality information about public companies.
“This project will change the way more than 10‚000 companies regulated by the Securities and Exchange Commission will interact with the SEC and the investing public‚” said Ernest Capozzoli‚ Ph. D.‚ C.P.A. “The significance‚ complexity and importance of the project cannot be understated.”
Capozzoli is one of only two academics serving on a prestigious nationwide team developing taxonomies‚ or standardized definitions‚ for financial statement footnote disclosures through eXtensible Business Reporting Language‚ or “XBRL.” XBRL‚ often described as the universal language of financial reporting‚ allows electronic reporting of financial information for easy calculation and analysis. The effort is organized by the Financial Accounting Foundation‚ and managed by XBRL US.
Public companies’ annual reports have voluminous footnote disclosures which hold information that can be important to investors. But since there’s no easy or practical way to retrieve the data‚ it can be difficult for investors to get basic information. For example‚ an investor who wants to compare the number of oil wells drilled‚ operated or abandoned by different oil and gas companies would have to either dig through the footnotes of the companies’ annual reports or pay a subscription fee to a company that compiles such data.
Setting a standard in XRBL means that in the future‚ investors will be able to download easily understandable disclosure information for an individual company‚ or an entire industry segment.
Before his academic career‚ Capozzoli worked for Saudi Aramco‚ formerly the Arabian American Oil Company‚ and spent 17 years in Saudi Arabia. Because of this experience‚ he is working on the disclosures for the oil and gas industry. Other members of the group‚ which include some of the most brilliant minds in the accounting industry‚ are tackling approximately 150 required disclosures‚ such as pension‚ executive compensation and loan information. Additional industry specific disclosures are also being developed.
When their work is complete‚ the information will be available for public review.
XBRL US is a local jurisdiction of XBRL International – a not−for−profit consortium of approximately 450 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption.
The Financial Accounting Foundation is responsible for funding the activities of both the Financial Accounting Standards Board (FASB) and its counterpart for state and local government‚ the Governmental Accounting Standards Board.
A member of the 35−unit University System of Georgia‚ Kennesaw State University is a comprehensive‚ residential institution with a growing student population approaching 20‚000 from 132 countries. The third−largest university in Georgia‚ Kennesaw State offers more than 60 graduate and undergraduate degrees‚ including a new doctorate in education.
A leader in innovative teaching and learning, Kennesaw State University offers more than 150 undergraduate, graduate and doctoral degrees to its approximately 41,000 students. With 11 colleges on two metro Atlanta campuses, Kennesaw State is a member of the University System of Georgia and the third-largest university in the state. The university’s vibrant campus culture, diverse population, strong global ties and entrepreneurial spirit draw students from throughout the region and from 92 countries across the globe. Kennesaw State is a Carnegie-designated doctoral research institution (R2), placing it among an elite group of only 6 percent of U.S. colleges and universities with an R1 or R2 status, and one of the 50 largest public institutions in the country. For more information, visit kennesaw.edu.