SUNNYVALE, Calif., April 26, 2011 (GLOBE NEWSWIRE) -- Compliance Xpressware (CX) LLP, a Silicon Valley-based software company that enables reporting issuers to achieve compliance with the United States Securities and Exchange Commission's (SEC) mandate for eXtensible Business Reporting Language (XBRL), today announced that Xpressfiler™, its suite of EDGAR filing software tools designed specifically for filing agents, now supports the International Financial Reporting Standards (IFRS) taxonomy. Support for the standard means that companies with subsidiaries around the globe can leverage a single accounting language company-wide, making the interpretation of financial data much simpler.
Foreign private issuers reporting to the SEC using IFRS will be required to begin filing XBRL data as exhibits to forms 20-F and 40-F for year ends on or after June 15, 2011. Currently, there are about 120 nations and reporting jurisdictions filing in IFRS, and the standard will continue to emerge worldwide.
"While the IFRS taxonomy, as issued by the International Accounting Standards Board (IASB), has not yet been approved by the SEC, we are ahead of the game because many foreign private issuers have been asking about IFRS and wish to begin preparing for the forthcoming SEC mandate," commented Fuad Rahman, CEO of CX. "Additionally, there is significant interest in the IFRS taxonomy from international companies as the global acceptance of this standard increases."
To learn more about CX, go to http://www.compliancexpressware.com. For more information on Xpressfiler, please visit http://www.compliancexpressware.com/xpressfiler.php.
About Compliance Xpressware LLP
Compliance Xpressware (CX) LLP enables reporting issuers to achieve compliance with the SEC's mandate for eXtensible Business Reporting Language (XBRL) reporting. Xpressfiler, the company's cloud-based, end-to-end solution for EDGAR filings, is a comprehensive software suite that is both affordable and easy to use. Based in Sunnyvale, California, CX was formed by experienced software technologists and filing agents who are dedicated to helping public companies report to the SEC. For more information, please visit http://www.compliancexpressware.com.
All brand names and product names are trademarks or registered trademarks of their respective companies.