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  7. Fujitsu Powers Next-Generation Financial Reporting with Interstage XWand 11

Fujitsu Powers Next-Generation Financial Reporting with Interstage XWand 11

- Enhanced flexibility and analysis through support for Formulas, Inline XBRL, and tagging in Microsoft Word -

Fujitsu Limited

Tokyo, April 20, 2010

Fujitsu today announced the latest release of the eXtensible Business Reporting Language (XBRL) software Interstage® XWand® Version 11, designed to help companies increase automation, transparency and governance around financial activities. With support for tagging in Microsoft® Word and the ability to extend and customize the in-house validation of reports before submitting them, the newest release allows clients to quickly and cost effectively adhere to the latest financial regulations, including the UK's HM Revenue & Custom's (HMRC) mandated use of XBRL for filing UK company accounts and corporation tax returns, and the US Securities and Exchange Commission's (SEC) 3 year phased XBRL reporting mandate for all public companies. Interstage XWand 11 also includes an out-of-the-box management dashboard allowing clients to easily conduct comparative analysis of financial data within their company as well as across multiple organizations.

Interstage XWand is the most popular software tool used for creating XBRL reports filed with the SEC and one of the most widely used software tool for XBRL filings worldwide. Interstage XWand 11, the newest offering from the product line, is the most globally ready XBRL solution compliant to worldwide rules, such as the EDGAR Filer Manual. The software also supports the latest specifications and best practices, such as XBRL 2.1, Formula 1.0, and Inline XBRL.

Key New Functionality

  • Guaranteed compliance
    The SEC's mandate requires companies in their second year of interactive data filing using XBRL to provide XBRL documents with detailed tagging - tag the facts within the notes in addition to the face financials - starting June 2010. Interstage XWand 11 offers the world's first detailed tagging capability.

    The HMRC's mandate, which takes effect from March 2011, requires the use of Inline XBRL, an HTML formatted document with embedded XBRL. In addition to providing detailed tagging support in MS Word, Interstage XWand 11 also provides the ability to export the formatting used in MS Word and create the required Inline XBRL report for the filing.

    The adoption of Interstage XWand 11 will guarantee financial reporting's compliance to specified regulations, while greatly simplifying the process as well as reducing time.

Larger View (68 KB)

  • Adherence to standard rules
    Financial reports submitted to the SEC must pass EDGAR validations to ensure they adhere to rules set forth in the EDGAR Filer Manual. Interstage XWand 11 includes the EDGAR Filer Manual Validator, which enables clients to validate reports in-house before submitting, thereby eliminating the time-consuming, back-and-forth exchange with the SEC. The EDGAR Filer Manual Validator is compliant with the latest EDGAR Filer Manual released in April 2010 and implements all the automatable tests.

    Interstage XWand 11 also enables companies to create custom validations that ensure reports comply with both internal and external rules. These can be developed using the Formula specification from XBRL or Fujitsu's own SQL Query interface. These custom validations can easily be integrated into the overall reporting process along with the XBRL, Dimensions and EDGAR Filer Manual validations.

    For filing services companies, Interstage XWand 11 provides a batch capability to validate multiple XBRL reports at once, significantly reducing the time and complexity of validating large numbers of reports during reporting season.
  • Accelerated financial analysis
    Interstage XWand 11 provides a comparative analysis dashboard that enables clients to accelerate sophisticated financial analyses within a single company, across multiple companies from the same or different industries, as well as across multiple timeframes (e.g. year-over-year analysis).

Fujitsu's XBRL Leadership

Fujitsu has been part of the XBRL Consortium from its inception and has actively led several initiatives within the consortium across the globe. In the past, members of the Fujitsu XBRL team have chaired specification working groups and participated in the Best Practice Board. Fujitsu XBRL experts have contributed significantly in the development of the XBRL specification, including FRTA & FRIS best practices, LRR, Dimensions, Formulas, XBRL Versioning (ongoing), XBRL Rendering (ongoing), and the conformance suites. In addition, Fujitsu has been working closely with the Tokyo Stock Exchange, Japan's Financial Service Agency, and other regulatory bodies to develop their taxonomies and build their XBRL processing platforms. Fujitsu has also worked closely with various enterprises, government organizations, and central banks around the world, all of which have embraced XBRL and embedded Interstage XWand in their platforms. Leveraging these experiences and knowhow, Fujitsu Interstage XWand 11 will continue to conform with the most up-to-date specifications and the latest rules issued by regulatory bodies worldwide.

Fujitsu is the Platinum Sponsor of the 20th International XBRL Conference in Rome (April 20-22, 2010), where it will be previewing Interstage XWand 11.

Quotes

John Van Decker, Research Vice President, Gartner: "Regulatory reporting requirements from the U.S. Securities and Exchange Commission (SEC) are a significant driver for technologies that CFOs consider to be high priorities. IT organizations should work proactively in addressing the needs of CFOs for solutions that support regulatory reporting and compliance."

Dave Tomlinson, Director of Marketing, Trintech Group Plc: "We looked at XBRL tagging solutions to extend our own software suite, and found Fujitsu to be a good match for our Unity Financial GRC software platform. Fujitsu is a well-respected company and brand, with proven successes in the marketplace. It wasn't just the Interstage XWand product capability - it was also Fujitsu's experience and commitment to the market. It is a reliable tool that gives us a market advantage over our competitors."

Masato Nitta, President of Middleware Business Unit, Fujitsu Limited: "Fujitsu continues to leverage its considerable experience and expertise in XBRL to lead the industry in making financial reporting faster, cheaper, better and easier. Interstage XWand 11 offers organizations, financial services firms and ISVs the most sophisticated software for quickly and cost-effectively validating and submitting XBRL financial reports that adhere to the latest regulations while also enabling greatly expanded financial analysis capabilities."

About Fujitsu

Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 175,000 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 4.6 trillion yen (US$47 billion) for the fiscal year ended March 31, 2009. For more information, please see: www.fujitsu.com.

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All company or product names mentioned herein are trademarks or registered trademarks of their respective owners. Information provided in this press release is accurate at time of publication and is subject to change without advance notice.

Date: 20 April, 2010
City: Tokyo
Company: Fujitsu Limited, , , , ,