ICI Issues Draft Fund XBRL Taxonomy
The ICI has released its draft XBRL mutual fund taxonomy, intended for data tagging the risk/return summary required in fund prospectuses. To see it for yourself, go to: http://members.ici.org/xbrlTaxonomy.do, and click on the link "Quick View."
ICI president Paul Schott Steven called the development of the taxonomy "an important first step for helping capture the power of the Internet to provide more accessible and better information to fund investors." He said that the ICI shared SEC Chairman Christopher Coxís "vision for empowering investors to make more informed investment decisions."
After a 45-day public comment period, the ICIís XBRL working group will finalize the taxonomy. Later this year, the SEC is expected to amend its XBRL voluntary filer program rules to allow funds to use the new taxonomy when making SEC filings. At that point, theoretically, we should start seeing more funds speaking in XBRL.
"To our knowledge, ICI is the only U.S. financial-services industry organization actively working to extend XBRL beyond financial statement data," said ICI vice president of operations Don Boteler, who oversaw the project. "Widespread use of this new taxonomy will introduce millions of investors and their advisers to the benefits of XBRL for gathering information."
In a statement, Chairman Cox and IM director Buddy Donohue praised the ICIís efforts. "The SEC will act quickly to facilitate the use of the new taxonomy in Commission filings," said Cox. Donohue urged industry participants to comment on the draft taxonomy. "We encourage investors, members of the mutual fund industry, and other interested parties to provide their comments to the ICI Ö in order to assist the ICI in its efforts to create a technological tool that has the potential to enhance greatly the way in which information is provided to mutual fund investors," he said.
The ICI has asked for comments to be submitted no later than February 20.