MBA Accounting students at MUM are gaining certification in a new worldwide standard for exchanging financial and accounting information that is required by some agencies of the US government as well as governments of other countries. MUM is the first university in the world to offer XBRL certification training as an academic course.
Extensible Business Reporting Language (XBRL)
The new standard is called XBRL, or Extensible Business Reporting Language. XBRL is a formal markup language, with some similarities to computer programming, that systematically defines business facts, values, contexts, units, and more in order to exchange financial information.
A Highly Marketable Skill
According to Dr. Bargerstock, the XBRL standard is rapidly spreading worldwide. In the U.S. both the Securities Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) require that all data reported to them use XBRL.
The Netherlands has adopted XBRL as a government-wide standard of reporting accounting and financial information.
“We want our students to be on the cutting edge,” Dr. Bargerstock said. “This new system is challenging to learn, but after an accountant is certified, he or she will be highly sought after by the many large institutions who are now having to prepare their data in XBRL. This will give our students another credential that will make them attractive in the US and international job markets.”
Students, Faculty Earn Certification
XBRL International, which developed this new standard, offers web-based learning and testing to certify basic knowledge of XBRL. Dr. Bargerstock and six of his students have earned XBRL certification. According to XBRL International, Maharishi University of Management is the first university to offer XBRL instruction and certification training as part of the curriculum. XBRL is offered as a one-credit course in MUM’s MBA Accounting program.
During the Fall 2013 semester, the following students became XBRL certified: Zhuo Jiang, Hailemariam Zikarge, Pradip Shrestha, Mekdes Hailekiristos, Mark Nelson, and Gregory Sarplah.