To help publicly held companies facilitate the preparation, publishing and automatic exchange of financial statements in XBRL (eXtensible Business Reporting Language), Oracle will embed UBmatrix, Inc.'s leading XBRL technology into Oracle's Enterprise Performance Management (EPM) System, Oracle announced today.
Building Upon Robust XBRL Reporting Capabilities
Specifically, organizations relying on components of Oracle's EPM System such as Oracle's Hyperion Financial Management for financial and statutory reporting will benefit from UBmatrix's Taxonomy Designer, XBRL Processing Engine and Report Builder technology through the automation of XBRL statement processing helping to ensure regulatory compliance and streamline the filing process.
Oracle's Hyperion performance management applications have long supported XBRL as a basic output format via Hyperion Financial Reporting. The UBmatrix technology will help to provide a much deeper level of XBRL functionality to organizations.
XBRL is fast becoming the standard for financial information exchange and reporting driven by the XBRL standardization programs being implemented by the United States Securities and Exchange Commission (SEC), FDIC and the European Central Banks. Over 500 organizations in 27 countries are now participating in XBRL efforts.
According to XBRL.us, the SEC has mandated the use of XBRL for three reporting applications:
- Public Company Reporting - all public companies must file in XBRL format; companies with worldwide public float greater than $5 billion to comply first starting with period ending June 2009; all other large accelerated filers to comply next starting with period ending June 2010; all other public companies comply with period ending June 2011; and,
- Risk Return Summary portion of Mutual Fund Prospectus - mutual funds must begin publishing the risk return summary portion of their prospectuses in XBRL format starting January 1, 2011; and,
- Credit rating agencies - must begin reporting all ratings actions (initial rating, upgrades, downgrades, etc.) in XBRL format starting in August 2009.
Oracle and UBmatrix are also working together to provide enterprise class storage and management for XBRL-based information in Oracle(R) Database 11g. Using Oracle Database's XML DB feature, organizations can easily and quickly store, access and query their XBRL data.
A component of Oracle Fusion Middleware, the Oracle EPM System helps organizations achieve management excellence by uniting category-leading Hyperion performance management applications, prebuilt business intelligence (BI) applications and BI products, into a complete and integrated system for managing and optimizing performance across business functions.
"As a leader in financial close, consolidation and reporting, we're committed to helping our customers meet the required XBRL reporting requirements," said Bill Guilmart, vice president of EPM Product Management, Oracle. "Working with UBmatrix will help accelerate our efforts to deliver the most robust XBRL reporting capabilities possible to the thousands of Oracle Applications and Hyperion customers."
"The adoption of XBRL is a global phenomenon. Integrating UBmatrix Inc.'s XBRL products into Oracle's EPM System will facilitate integrated XBRL reporting for thousands of organizations and will extend Hyperion's broad footprint in the regulatory reporting market," said Sunir Kapoor, President and CEO of UBmatrix and Member, XBRL US Board of Directors. "This approach represents the future of how XBRL reporting will be done."