Data and Database Management Software
Software simplifies XBRL financial reporting.
Share:
Press Release Summary:
Helping companies with issues of transparency and governance around financial activities, Interstage® XWand® v10 enables preparation and analysis of financial reports using latest XBRL Formula 1.0 specifications. Software can extract data from Excel spreadsheets to create XBRL reports, and data mapping function converts data into formats for use in common databases and systems. With use of rules, organizations can validate reports to eliminate discrepancies prior to submission.
Original Press Release:
Fujitsu Unveils Interstage XWand Version 10
Significant Reductions in Time & Cost for Preparation and Analysis of Financial
Reports Using Latest XBRL Specifications
TOKYO and SUNNYVALE, CA -- 11/19/08 -- Fujitsu Limited today announced Interstage® XWand® Version 10, the latest release of its acclaimed XBRL (1) software designed to help companies increase transparency and governance around financial activities. The newest release is one of the industry's first offerings to incorporate the power of business rules in XBRL-based reporting with the adoption of XBRL Formula 1.0 (2), the latest extension to the XBRL specification. Early test results in customer environments have shown significant reductions in the time and cost associated with verifying and submitting financial reports.
The U.S. Securities and Exchange Commission (SEC) has proposed a new mandate which would require companies using U.S.-based generally accepted accounting principles (GAAP) with a market capitalization of more than $5 billion to use XBRL for financial disclosure beginning in 2009. All public companies would follow suit by 2011. This is one of several global initiatives aimed at financial reform. As a founding member of XBRL Japan and former chair of the XBRL International's Specification WG, Fujitsu continues to drive the development and adoption of the specification across the realm of financial reporting. Interstage XWand Version 10 incorporates the latest efforts of XBRL International.
Fujitsu launched the Interstage XWand software in 2003. The product has since been adopted by customers in 23 countries, helping to make XBRL an international standard for financial reporting.
News Highlights
o Interstage XWand Version 10 conforms with Formula 1.0, the latest extension to the XBRL specification
o Data can be extracted directly from Microsoft® Excel® spreadsheets to automatically create XBRL reports without any prior knowledge of XBRL
o A data-mapping function lets users easily convert XBRL data into formats that can be used by other common databases and systems
Benefits and Features
o Reduces time and cost associated with the verification, submission, and analysis of financial reports
o Formula 1.0 is the business rule-related specification for XBRL
o With the use of rules, organizations can validate reports quickly to eliminate discrepancies prior to submission
o Early test results have shown a significant reduction of up to 50% in time and up to 40% in cost associated with the submission-and- correction cycle of financial reports
o Simplifies XBRL report-creation by leveraging Microsoft Excel® spreadsheets
o Allows use of Microsoft Excel spreadsheets to create XBRL documents, thereby eliminating the need for prior knowledge of XBRL
o Eliminates time and complexity associated with dealing with a new format, thus removing potential hurdles to adoption
o XBRL reports created using Microsoft Excel will also be validated by Formula 1.0
o Reduces the burden and cost of handling data by automatically converting XBRL report data into formats that can be used by other systems
o A data mapping function automatically converts XBRL data into CSV format, the most common format for data exchange
o CSV data can easily be loaded into databases and other systems
o Speeds up data handling operations
Quotes
Akira Yamanaka, Corporate Vice President and President of Software Unit, Fujitsu Limited
"XBRL is the future for transparency in financial activities, and Fujitsu continues to lead the industry in helping companies prepare for this new reality. In an era when financial activities will be more heavily scrutinized than before, Fujitsu is making it easier, simpler, and more cost-effective to not only adopt XBRL for compliance, but to also go beyond compliance and gain far greater efficiency in financial processes."
Notes
1) XBRL eXtensible Business Reporting Language is an XML-based standard that describes financial data and facilitates the creation, distribution, and reuse of business reports. XBRL International, a standards organization, promotes the specification development and adoption of the XBRL specification. XBRL greatly reduces costs to create, distribute, and reuse digitalized business reports. 2) Formula 1.0 An extension of the XBRL 2.1 Specification, defining the calculation methods between different data items. It can detect errors in data values.
About Fujitsu Computer Systems Corporation
Headquartered in Sunnyvale, Calif., Fujitsu Computer Systems is a wholly owned subsidiary of Fujitsu Limited (TSE: 6702) committed to the design, development and delivery of advanced computer systems, application infrastructure software products, and managed services for the business enterprise. Through its TRIOLE(R) strategy, the company offers a complete line of scalable and reliable servers, storage and middleware solutions, high-performance mobile and client computers, as well as professional services. Fujitsu Computer Systems has established itself as a strategic solutions provider to the world's leading organizations by offering technology innovation, customer choice, exceptional product quality and reliability, as well as outstanding customer service. See us.fujitsu.com/computers for further information.
About Fujitsu
Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 5.3 trillion yen (US$53 billion) for the fiscal year ended March 31, 2008. For more information, please see: www.fujitsu.com.
