Japan's Financial Services Agency to pilot XBRL with JustSystems technology
18 July 2007 | 1084 views | 0
JustSystems, a leading global enterprise software company, today announced that the Financial Services Agency of Japan, as part of the modernization of EDINET to an XBRL-based system, will be commencing a pilot program in July 2007 with JustSystems' newly developed xfy XBRL EDINET edition.
The pilot program will be used to enable listed companies to create disclosure documents in XBRL (the XML standard for generating financial statements) and to demonstrate filing in this new EDINET environment — an electronic disclosure system for documents, such as securities reports, to be filed under Japan's Securities and Exchange Law.
The objective of the pilot program is to pave the way for the new XBRL-based EDINET system and verify operational procedures for the new system, which will be in full operation in April 2008. To support the pilot, and promote widespread use of XBRL and adoption of the new system by Japanese companies, JustSystems is offering a trial version of xfy XBRL EDINET edition free of charge.
JustSystems' xfy XBRL EDINET edition enables processing of XBRL data with xfy, its XML composite application and document framework. It allows users to easily create taxonomies (standard classification dictionaries for defining categories and structures, as well as electronic templates for financial reports) and instances (XML documents and the substance of financial reports). It also ensures validation of XBRL data for disclosure documents, such as balance sheets and earnings statements. The new solution is designed to be easy for any business user, such as accountants with no knowledge of XBRL, to use the system through wizards and tutorials to guide them through the process of creating XBRL-based reports.
Powering the new EDINET with XBRL will bring improved usability and operational efficiency, as well as enhanced security. At the same time, companies submitting disclosure documents through the system will benefit from the efficient creation of financial reports with quick and accurate checks for consistency.
JustSystems will continue to make contributions to promote the widespread use of XBRL, a standard data format in the financial industry that is rapidly being adopted in Japan, throughout Asia, as well as North America and Europe.