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.