U.S. Securities and Exchange Commission Chooses Fujitsu to Provide XBRL Processing Software Solution
SUNNYVALE, CA -- (Marketwire) -- 10/18/10 -- Fujitsu (http://solutions.us.fujitsu.com) today announced the U.S. Securities and Exchange Commission (SEC) has selected the Interstage® eXtensible Business Reporting Language (XBRL) platform from Fujitsu to process and analyze the data received to improve the timeliness and accessibility of financial information. The platform enables the SEC to develop rules for analyzing the data, combine data from other formats, and automate the processing of the rules with alerts, threshold checks and reports. The Interstage solution uniquely combines comprehensive XBRL and process automation capabilities to enable the SEC to leverage the latest advances in XBRL and automate the review, reporting, and analysis activities.
In an effort to protect investors, and to maintain fair, orderly, and efficient markets, the SEC has been improving the accessibility and usefulness of financial information by adapting interactive data formats such as XBRL and eXtensible Markup Language (XML). Interactive data, unlike paper-based or plain-text disclosure documents, allows investors, businesses, rating agencies, and other market participants to quickly and automatically perform calculations, filter, and apply business rules on data for analysis. In 2009, the SEC established binding schedules for operating companies to file financial statements in XBRL format and investment companies to file risk/return summaries in the XBRL format. Data in interactive format is intended to benefit not only market participants but also SEC staff in automating interactive data analysis activities.
"We are very excited about working with the SEC to help realize the full potential of XBRL," said Tsune Yoshizawa, senior vice president, Platform Products, Fujitsu America, Inc. "We hope this success will pave the way for regulators and corporations around the world to adopt technologies that help to increase financial transparency and improve efficiency of the decision-making processes."
Fujitsu has actively participated in the XBRL arena across the globe since the inception of the XBRL Consortium in Japan. Fujitsu continues to invest in the development of the XBRL specifications, in developing innovative offerings that adhere to these specifications, and in facilitating the adoption of the standard across the financial reporting ecosystem. The centerpiece of Fujitsu Interstage XBRL platform is Interstage XWand -- the outcome of those pioneering efforts and the world's most comprehensive and complete software for all stages of XBRL implementations. Interstage XWand is used by regulators, auditors, filers, analysts, and enterprises in 27 countries around the world.
The Fujitsu Interstage XBRL platform combines comprehensive XBRL capabilities with agile and feature-rich business process management (BPM) functionalities to automate the process of creating, receiving, processing, storing, managing and analyzing XBRL-based documents. The integrated capabilities of XBRL and BPM provide the SEC with the power and flexibility to review, combine, and analyze data in innovative ways in order to develop new analysis models and automate the process of their applications.
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Fujitsu America, Inc. is a leading ICT solutions provider for organizations in the U.S., Canada and the Caribbean. Fujitsu enables clients to meet their business objectives through integrated offerings including consulting, systems integration, managed services and outsourcing for enterprise applications, data center and field services operations, based on server, software, storage and mobile technologies. Fujitsu provides industry-oriented solutions for manufacturing, retail, healthcare, government, education, financial services and communications sectors. For more information, please visit: http://solutions.us.fujitsu.com/
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