Oracle to Embed UBmatrix for XBRL
Leveraging Hyperion s Enterprise Performance Management (EPM) expertise, Oracle will help customers to effectively and efficiently report financial statements in the XBRL format, essentially to facilitate publicly held companies. And for that Oracle will embed UBmatrix, Inc.’s XBRL technology into its EPM system.
The business intelligence software will prepare, publish and automatically exchange financial statements in XBRL (eXtensible Business Reporting Language).
Hyperion performance management applications have long supported XBRL as a basic output format via Hyperion Financial Reporting. Specifically, organizations relying on components of Oracle s EPM such as Hyperion Financial Management for financial and statutory reporting will benefit from UBmatrix’s Taxonomy Designer, XBRL Processing Engine and Report Builder technology through the automation of XBRL statement processing helping to ensure regulatory compliance and streamline the filing process, according to a statement.
XBRL is fast becoming the standard for financial information exchange and reporting driven by the XBRL standardization programmes being implemented by the United States Securities and Exchange Commission (SEC), FDIC and the European Central Banks.
In India, the taxation department and the finance ministry have asked the ICAI to develop a mandate for the use of the language.
The adoption of XBRL is a global phenomenon. Integrating UBmatrix Inc.’s XBRL products into Oracle s EPM will facilitate integrated XBRL reporting for thousands of organizations and will extend Hyperion s broad footprint in the regulatory reporting market, said Sunir Kapoor, president and CEO of UBmatrix and Member, XBRL US Board of Directors. This approach represents the future of how XBRL reporting will be done.
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