Software-maker acquisition specialist Info has released a new version of its suite of business performance management applications. Infor PM 10 now supports eXtensible Business Reporting Language (XBRL), a global financial reporting standard.
The integrated XBRL capabilities help firms to quickly comply with financial reporting requirements aimed at improving the transparency and accessibility of financial data.
Infor says jurisdictions around the world are contributing to XBRL and mandating it as a standard for electronic communication of business and financial data. Over 100 countries require or allow the use of XBRL in financial reporting, and firms are adopting the standard to reduce costs and streamline their processes for collecting and reporting financial information.
Infor PM 10 provides an integrated suite of performance management applications, including planning and budgeting, financial consolidation, strategic management, forecasting, and reporting and analysis. After the financial consolidation process, Infor PM 10 enables users to tag financial data through a drag and drop interface, preview and error check the report, and export the finished interactive XBRL report.
Infor’s country manager for Ireland, Aidan Keogh, notes: “Once financial consolidation is completed in PM 10, firms can simply tag their data in the software to provide regulators and investors with the new interactive reporting format.”
Starting next month, the 500 largest public firms in the US must file using XBRL. On a phased timeline, all public firms in the US will eventually file using the new interactive reporting standard by 2011.
Ventana Research’s Robert Kugel commented: “The XBRL filing requirement will have two significant impacts. First, those firms that must file with the SEC will have an additional burden to bear in their close-to-report cycle; one that will grow increasingly heavy as the level of detail rises. Finance departments will have to adapt their post-period end processes to be able to handle this increased workload within the filing deadlines. Ventana Research recommends that if they haven’t already, all public firms should begin investigating ways to automate some or all of the processes associated with filing XBRL-tagged reports.”
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