Fujitsu Unveils Interstage XWand Version 10

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 XBRL International's Specification Working Group, 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

• Interstage XWand Version 10 conforms with Formula 1.0, the latest extension to the XBRL specification
• Data can be extracted directly from Microsoft® Excel® spreadsheets to automatically create XBRL reports – without any prior knowledge of XBRL
• 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

• Reduces time and cost associated with the verification, submission, and analysis of financial reports
  
  • Formula 1.0 is the business rule-related specification for XBRL
  • With the use of rules, organizations can validate reports quickly to eliminate discrepancies prior to submission
  • Early test results have shown significant reductions of up to 50% in time and up to 40% in cost associated with the submission-and-correction cycle of financial reports
• Simplifies XBRL report-creation by leveraging Microsoft® Excel® spreadsheets
  
  • Allows use of Microsoft Excel spreadsheets to create XBRL documents, thereby eliminating the need for prior knowledge of XBRL
  • Eliminates time and complexity associated with dealing with a new format, thus removing potential hurdles to adoption
  • XBRL reports created using Microsoft Excel will also be validated by Formula 1.0
• Reduces the burden and cost of handling data by automatically converting XBRL report data into formats that can be used by other systems
  
  • A data mapping function automatically converts XBRL data into CSV format, the most common format for data exchange
  • CSV data can easily be loaded into databases and other systems
  • Speeds up data handling operations

Multimedia

Leveraging Microsoft Excel to Create XBRL Reports

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Interstage XWand Version 10

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."