Information Builders, an independent leader in business intelligence (BI) solutions, today announced WebFOCUS Financial Reporting Exchange, the only BI platform to provide 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.
With WebFOCUS Financial Reporting Exchange, Information Builders enables customers to automatically generate financial reports for any data source or ERP system, transform these reports into XBRL documents, validate both taxonomy structure and data, and then publish results. This new offering effectively hides the complexity of XBRL from the end user and performance management software developer, providing fully audited processes as well as intra-company financial reporting. The product leverages UBmatrix XBRL Processing Engine to support the wide range of XBRL taxonomies in use and provides another level of validation for filing government reports.
The SEC mandate requires every public company to file in XBRL. Companies categorised as "large accelerated filers" with a public float of more than $5 billion are required to begin filing XBRL on or after June 15, 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."
Key features of WebFOCUS Financial Reporting Exchange include:
1. Integration of the XBRL mapping process within WebFOCUS' Financial Report Modelling so that the same tool used to develop any WebFOCUS report, whether financial or otherwise, can create reports that output XBRL
2. Instance Documents
a. Use of any WebFOCUS-accessible data source in the XBRL Instance
3. Document creation process
a. Ability to validate an XBRL Instance Document against the XBRL
4. Taxonomy used in its creation to ensure that only valid tags (Concepts) were used, all calculations sum properly, and all the data needed for a valid XBRL Instance Document exists within the Instance Document
"Filing government XBRL statements should be an automated process with little human interaction, but for many it's a time and cost intensive manual, Excel-dependent process," said Gerald Cohen, president and CEO, Information Builders. "By automating the reporting process end to end, our customers can now easily publish their performance and financial data in WebFOCUS for internal benchmarking while meeting the reporting requirements not only for XBRL, but also for Basel II, IFRS, and other global reporting standards."
For customers who require the ability to extend existing XBRL taxonomies for either internal or compliance usages, Information Builders will also resell the UBmatrix Taxonomy Designer.
"Information Builders recognised our leadership in XBRL reporting and functionality and has effectively enhanced its time to market by embedding our processing engine," said Thomas Reinemer, executive vice president, Business Development and Services, UBmatrix. "The new product represents a greater level of functionality and includes a processing engine to map effectively from performance management initiatives to concepts in the XBRL taxonomy, and validate them for accuracy. With this product and the ability to sell the UBmatrix Report Builder and Taxonomy Designer, Information Builders is now offering companies both long-term and interim solutions for their reporting needs."