Information Builders and UBmatrix Partner for XBRL Reporting Requirements
Information Builders has launched WebFOCUS Financial Reporting Exchange, a BI platform with the ability to publish and consume eXtensible Business Reporting Language (XBRL). By integrating UBmatrix’s XBRL Processing Engine, Information Builders WebFOCUS Financial Reporting Exchange removes the complexity and cost of global financial reporting by automating the process of filing XBRL for users and facilitating internal financial reporting from different company entities.
The US Securities and Exchange Commission (SEC) mandate requires every public company to file in XBRL. Companies categorised as ‘large accelerated filers’ with a public float of more than US$5bn are required to begin filing XBRL on or after 15 June 2009. All other large accelerated filers are slated for transition to XBRL in 2010, and every other publicly traded issuer is scheduled for changeover in 2011.
“For decades, professional securities analysts have been able to access a rich set of financial and non-financial data from thousands of public companies,” said Robert Kugel, senior vice president of Ventana Research. “However, it’s never been easy for them or individuals to assemble and digest this data. The SEC’s interactive data project, which uses XBRL, is just the start. XBRL can and will be used for more than external financial statements. Public and private companies will use it for their internal reporting purposes because it can increase the accuracy and relevance of their management reports.”