Benefits

Eliminates Paper-based, Error-prone Reporting Processes
At present, paper is still the predominant means used in exchanging financial data between corporations, banks, investors, analysts and supervisory authorities. Reports are created by extracting data from an IT-based system and formatting it into a proprietary report before it is printed and sent to interested parties. Typically, the recipient of the report then re-enters the data into another system, reformats, and then sends more copies to other interested people and organizations.

Interstage XWand provides the means for IT-based solutions to automatically extract financial data and present it in XBRL, a standard format that can then be exchanged via the internet. By eliminating paper-based reports and the time spent on typing in information multiple times, error-free reports can be produced much more efficiently. Through the support for Formula 1.0, the business rule-related specification for XBRL, Interstage XWand lets users set alerts to discrepancies in reports. This helps organizations quickly make the necessary corrections prior to submission, thereby reducing the potential of errors in the reporting process.

Aids Verification, Analysis, Reformatting, and Redistribution of Financial Data
Enterprises, financial institutions, and regulatory bodies struggle with verifying the accuracy of financial reports and identifying patterns and trends. These organizations spend a significant amount of time to convert reports into proprietary formats that can then be compared, for detailed analysis.

Interstage XWand provides the tools to easily convert traditional reports into XBRL documents. It creates XBRL instance documents by merging XBRL taxonomies with financial data, converted from other formats. This helps with creating reports that can be easily compared to detect patterns and trends. Users without prior knowledge of XBRL can leverage Microsoft Excel to create XBRL documents as well. This eliminates one of the major barriers to XBRL adoption. Interstage XWand’s advanced data mapping functionality automatically converts XBRL data into common formats such as CSV which makes it easy to redistribute financial data and reduces the time and cost of handling data.

Increases Productivity around Financial Reporting
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. For example, Interstage XWand provides a rich array of practical functions, such as those that support the following:

• Editing of taxonomies and instances simultaneously
• Entering financial facts using XBRL Dimensions
• Enhanced validation with support for Formula 1.0
• Configure pre-built HTML reports
• Cross-checking the differences between two taxonomies
• Extraction of XBRL data from Excel documents

Improves Visibility into Financial Reporting
Inadequate checks during the process of creating financial reports and the lack of standardization has 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. Interstage XWand allows for automatic and reliable extraction and exchange of financial data, while ensuring that the necessary checks are in place to demonstrate compliance with mandates.

Supports Rapid Development of XBRL-enabled Applications
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 extensions such as Formula 1.0, application developers can rest assured that they are leveraging cutting-edge XBRL capabilities. For instance, the data mapping functions reduce the cost, time, and effort involved in developing validation and analysis applications.