The American Institute of Certified Public Accountants, along with six information technology companies and five large accounting firms, is developing eXtensible Markup Language specification for exchanging financial reports and data. The specification is currently called XFRML, for XML-based Financial Reporting Markup Language.

The organizations are seeking to lower the costs of distributing financial information while improving access. XFRML will be freely licensed and exchanged among various software applications.

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