FUJITSU Software Interstage XWand allows automatic and reliable conversion, extraction and exchange of financial data, while ensuring that the necessary checks are in place to demonstrate compliance with mandates. Inadequate checks during the process of creating financial reports and the lack of standardization have contributed to inaccurate and fraudulent reporting. The increase in corporate fraud has resulted in a heightened demand by regulatory bodies for transparency in corporate financial reporting. Achieving compliance will only be possible if enterprises standardize reporting and adopt IT-based solutions.
Regulatory authorities around the world are embracing the use of XBRL to dramatically improve the efficiency, and quality of financial reporting. In 2009, the US SEC adopted a rule that requires public companies to submit XBRL documents along with their quarterly, annual, and other public filings. The U.K. HMRC has mandated that all companies (approximately 1.7 million) submit their annual tax filings in Inline XBRL (iXBRL) beginning in April 2011. To comply with these regulatory mandates, Interstage XWand provides the most advanced and complete XBRL solution on the market that makes creation and validation of XBRL documents for submission to the US SEC and HMRC and other regulatory bodies dramatically more efficient and cost-effective.
European Banking Authority (EBA) and European Insurance and Occupational Pensions Authority (EIOPA) have chosen XBRL as the Uniform Format for COREP/FINREP and Solvency II reporting from the 27 National Supervisory Authorities (NSAs) across Europe.
Interstage XWand V13 marks the first commercial implementation of the newly released Table Linkbase specification, which will be adopted in taxonomies provided by EBA and EIOPA.
Interstage XWand provides the means for IT-based solutions to automatically extract financial data and convert it into XBRL, including iXBRL documents. Through the support for Formula 1.0 Assertions, the business rule-related specification for XBRL, Interstage XWand lets users set alerts to detect discrepancies in reports. This helps organizations quickly make the necessary corrections prior to submission, thereby reducing the potential of errors in the reporting process. By eliminating paper-based reports and manual data entry, error-free reports can be produced much more quickly and efficiently.
Interstage XWand provides the tools to easily convert traditional reports into XBRL instances and iXBRL documents. It allows for versatile data mapping based on Formula 1.0 Complex Calculations. This helps with creating reports that can be easily compared to detect patterns and trends. Interstage XWand's advanced data mapping functionality also automatically converts XBRL data into common formats such as comma separated values (CSV) which makes it easy to redistribute financial data and reduces the time and cost of handling data.
Users without prior knowledge of XBRL can leverage Microsoft Word or Excel to create XBRL or iXBRL documents. MS Word can be used to create XBRL documents with detailed tagging and generate iXBRL documents necessary to comply with the latest requirements imposed by regulatory authorities.
Enterprises, financial institutions, and regulatory bodies struggle with verifying the accuracy of financial reports and identifying patterns and trends. These organizations can now spend a significantly lower amount of time to convert reports into proprietary formats for review and/or detailed analysis.
Through support for global implementations of XBRL, Fujitsu has gained valuable insight into the kinds of functions that enhance user productivity with regards to working with XBRL documents. Create, update, and validated XBRL documents for submission to regulatory bodies, including the US SEC and UK HMRC, with ease and efficiency. Interstage XWand provides a rich array of practical features, including the following:
Interstage XWand provides a framework for incorporating XBRL into applications that can analyze, collect, and disclose financial information in the shortest period of time. By providing support for all aspects of the XBRL specification including the newest additions, such as iXBRL, Formula, or Table Linkbase, application developers can rest assured that they are leveraging cutting-edge XBRL capabilities. With modular architecture, ease-of-use, and comprehensive API, Interstage XWand enables rapid development of feature-rich, industrial strength XBRL applications.
Interstage XWand product suite is modular, easy-to-use, standards-based, offers comprehensive APIs and is easily re-brandable - making it the ideal choice for partners that want to embed or extend the solution. Fujitsu provides OEM, reseller, and referral partners with dedicated account managers and consulting teams, customized training programs, and extensive development, co-marketing, and sales support. Solution and service providers are thus able to rapidly incorporate XBRL functionality into their offering to meet their clients' needs by leveraging the Interstage Partner Program .
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