About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Information Builders Launches New XBRL Reporting Platform

Subscribe to our newsletter

Business intelligence solution vendor Information Builders has launched a new platform for the filing of global financial reports in XBRL format. The WebFocus Financial Reporting Exchange platform is aimed at reducing the cost and complexity of filing these reports in XBRL, as required by the Securities and Exchange Commission (SEC), says the vendor.

The SEC has mandated that every public company categorised as “large accelerated filers”, with a public float of more than US$5 billion, must file in XBRL by 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.

“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,” claims Gerald Cohen, president and CEO of the vendor.

WebFocus Financial Reporting Exchange uses a UBmatrix XBRL processing engine to support the range of XBRL taxonomies. XBRL formatted financial reports are therefore generated automatically by the solution, including the validation of taxonomy structure and data, says the vendor.

Robert Kugel, senior vice president of Ventana Research, is confident that XBRL will be extended beyond its current remit of financial reporting within the US. “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,” he contends.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Unpacking Stablecoin Challenges for Financial Institutions

The stablecoin market is experiencing unprecedented growth, driven by emerging regulatory clarity, technological maturity, and rising global demand for a faster, more secure financial infrastructure. But with opportunity comes complexity, and a host of challenges that financial institutions need to address before they can unlock the promise of a more streamlined financial transaction ecosystem. These...

BLOG

Leaving Money on the Table: Busting the Myths of North American Securities Class Action Claims for European Investors

North American securities class actions, particularly within the United States, represent one of the most developed frameworks globally for shareholder redress. Operating on an opt-out basis, this passive participation model automatically includes eligible investors, including those based in Europe, allowing them to obtain compensation without initiating litigation. Despite the fact that billions of dollars are...

EVENT

AI in Capital Markets Summit London

Now in its 3rd year, the AI in Capital Markets Summit returns with a focus on the practicalities of onboarding AI enterprise wide for business value creation. Whilst AI offers huge potential to revolutionise capital markets operations many are struggling to move beyond pilot phase to generate substantial value from AI.

GUIDE

Entity Data Management Handbook – Third Edition

Welcome to the third edition of the Entity Data Management Handbook which is available for free download. In this updated edition we delve into the role entity data plays in the smooth running of financial institutions and capital markets, the challenges of attaining high quality data, and various aspects, approaches and technologies involved in managing...