Kirkland, WA (PRWEB) October 20, 2006
Today, UBmatrix, a leading provider of software and services leveraging the global XBRL standard, announced the public availability of xBReeze, the first-ever online service dedicated to XBRL-based data exchange. The xBReeze platform offers the most complete set of XBRL-enabling features for both report preparers and organizations collecting XBRL-based reports.
“You don’t have to look far to see that the adoption of XBRL is continuing at a rapid pace”, remarked Sunir Kapoor, President and CEO of UBmatrix. “The use of XBRL in Europe and Asia is growing strong, and we can see from recent announcements by the US Securities and Exchange Commission that there is a tremendous amount of energy behind it here in the United States too. Our vision behind xBReeze is a platform for helping organizations put XBRL to work. This includes government agencies, corporations, standards bodies, and even academic institutions in their quest to educate the next wave of business and technology professionals.”
As an industrial strength web-based application, xBReeze uses the XML capabilities of Oracle® Database 10g. In fact, Oracle and UBmatrix have worked closely on the development of xBReeze to take full advantage of the native XML support in Oracle Database 10g. “The market is moving towards larger scale databases using XBRL for financial and business reporting,” commented Andy Mendelsohn, senior vice president of Database Server Technologies at Oracle. “The last thing customers want to do is decompose this rich data out of its native format. With Oracle Database 10g, organizations will be able to store XBRL documents ‘as filed‘ natively in the database and use standard SQL or XQuery to retrieve information from a single document source, saving time and money.”
UBmatrix will showcase the XBRL features of Oracle Database 10g at the upcoming Oracle OpenWorld conference in San Francisco, California October 22nd-26th. UBmatrix is a member of the Oracle PartnerNetwork.
A key feature of xBReeze is a fully hosted, collaborative application supporting the development of XBRL taxonomies, taxonomy extensions, business rules, and other XBRL resources. In fact, not only is xBReeze an ideal resource for those modeling the XBRL data they plan to collect, it’s also perfect for companies readying themselves to submit XBRL to regulatory bodies like the SEC through their EDGAR system.
“We have several clients who plan to join the SEC’s voluntary XBRL filing program,” commented Rob Gold, President of Allocation Solutions LLC, a software development and services company that helps clients with XBRL business solutions. “We plan to use xBReeze Professional Edition to support our clients’ taxonomy development projects as well as participate in some of the public sector open source taxonomy projects already being hosted on xBReeze.”
Launching with xBReeze are five open source taxonomy projects started by some of the industry’s top XBRL subject matter experts. The directory of projects can be found at http://www.ubmatrix.com/xbreeze/directories/xbreeze_taxonomy_directory.htm and today include:
- Corporate Earnings Release Project - The goal of the Corporate Earnings Release Taxonomy Project (CERTaP) is to develop a standard XBRL taxonomy that can be used to mark up earnings release specific information in XBRL format for submission via the news wire reaching investors, analysts and financial media.
- IFRS - Many countries are adopting XBRL through the use of the International Financial Reporting Standards (IFRS) taxonomy. This project offers open source resources for those who are building their own extensions to this taxonomy.
- Sample Government Reports - This project supports a working group that is in place to explore and identify the best methods to introduce XBRL into the federal financial reporting process.
- US-GAAP - Many organizations are adopting XBRL through the use of the US-GAAP set of taxonomies. This project offers open source resources for those who are building their own extensions to these taxonomies.
- XBRL-GL - XBRL-GL is intended to enable the efficient handling of financial and business information contained within an organisation (read more about XBRL-GL at http://www.xbrl.org.) This project offers open source resources for those who are utilizing XBRL-GL for financial and business reporting.
“I am truly excited to see XBRL taking off like this,” commented Charles Hoffman, known by many as the father of XBRL. “I would never have imagined we could go from an idea dreamed up in my basement to the finance department of every public company in America in just a few years. In fact, the adoption happening around the world is even more amazing. But credit goes both to the many people who have gotten behind the standard and to the software that’s made XBRL capable of solving real business problems.”
“That’s why xBReeze is so important,” continued Mr. Hoffman. “It brings together the enabling software and the collaborative energy of our industry. In fact, I have already joined xBReeze and decided to sponsor a number of Open Source taxonomy projects. And I encourage others to do the same. With a background in accounting, the taxonomy projects I have sponsored reflect that. But others with backgrounds in healthcare, insurance, manufacturing, or any other industry where information sharing plays a big role should start XBRL taxonomy projects of their own. XBRL can be just as successful in their industries as it is in financial reporting.”
Using xBReeze™ Open Source or Professional Edition, teams can:
- Manage the full taxonomy lifecycle, from creation to publishing
- View and participate in discussion forums
- Track taxonomy versioning and auditing
- View change history
- View and edit taxonomy properties down to the concept-level
- Create instance documents from your taxonomy
- Test concepts, relationships, business rules, and more
- Build ratios and reporting scenarios to deliver effective content and analytic models
- Publish your taxonomy to submitters
- Access programmatically the industry’s leading XBRL processor via SOAP APIs
- Access a repository of business rules for a variety of taxonomies, starting with IFRS
UBmatrix offers the industry’s most robust XBRL taxonomy design and management tools, as well as the application suite behind the most successful – and visible – XBRL regulatory reporting project to date at the United States FFIEC (Federal Financial Institution Examination Council). The company’s solutions help organizations improve operational efficiency, gain cost savings, reduce risk, achieve greater data integrity, align business strategy with day-to-day execution, and enhance relationships with customers and partners.
In addition to the Open Source and Professional Editions for XBRL taxonomy development, xBReeze offers an edition supporting corporate compliance reporting. Currently available to European banking institutions reporting to the National Bank of Belgium, xBReeze Compliance Reporting Edition is the simplest way to meet new XBRL filing requirements. Coming soon, xBReeze will offer support for a variety of XBRL compliance reporting formats.
More information about xBReeze™ can be found at http://www.ubmatrix.com/xbreeze/.
UBmatrix provides a platform and application solutions for making data portable; freeing data from the applications which originally created it. Offering both licensed software and software as a service on the Internet, UBmatrix solutions help automate the process of exchanging information using eXtensible Business Reporting Language (XBRL), the next evolutionary stage of XML. Using our platform, organizations can move data freely among applications within an enterprise, between business partners, and to regulators without losing the semantic meaning of the data. Benefits include increased operational and financial transparency, cost savings in sharing data both inside and outside the organization, and greater confidence in reporting accuracy and regulatory compliance.
UBmatrix has been committed to XBRL since 1998. We are recognized worldwide for our thought leadership, technology, and customer commitment.
UBmatrix is a privately-held corporation headquartered in Kirkland, Washington, USA and venture-backed by Draper Fisher Jurvetson. UBmatrix can be reached at +1-425-285-0200, or http://www.ubmatrix.com.
About the Oracle PartnerNetwork
Oracle PartnerNetwork is a global business network of 17,700 companies who deliver innovative software solutions based on Oracle software. Through access to Oracle's premier products, education, technical services, marketing and sales support, the Oracle PartnerNetwork program provides partners with the resources they need to be successful in today's global economy. Oracle partners are able to offer to their customers, leading-edge solutions backed by Oracle's position as the world's largest enterprise software company. Partners who are able to demonstrate superior product knowledge, technical expertise and a commitment to doing business with Oracle can qualify for the Oracle Certified Partner levels.
UBmatrix and xBReeze are trademarks of UBmatrix, Inc.
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