There have been a handful of desktop tools available for XBRL report creation, viewing, validation, or cross-report analysis
Philadelphia, PA (PRWEB) December 6, 2006
In front of the audience of attendees at the XBRL International Conference in Philadelphia, UBmatrix (http://www.ubmatrix.com), a leading provider of software and services leveraging the global XBRL standard, previewed the upcoming release of UBmatrix Report Builder 1.5. UBmatrix was honored to be chosen as one of four software providers on the conference agenda to present a "State of the Art Demonstration" featuring UBmatrix Report Builder. During the demonstration UBmatrix showed how XBRL can be used to improve corporate budgeting for the thousands of organizations that use Microsoft® Excel to manage the budgeting process.
"There have been a handful of desktop tools available for XBRL report creation, viewing, validation, or cross-report analysis," remarked Darren Peterson, Director of Marketing at UBmatrix who presented the "State of the Art Demonstration at the Philadelphia XBRL International Conference. "This is the first time they have been brought together into a single, elegant reporting solution to address a business process like budgeting that requires them all."
Due to be released in January as an embedded plug-in to Microsoft® Excel, UBmatrix Report Builder 1.5 offers a user-friendly environment for working with your XBRL taxonomy, drag-and-drop mapping of your reports or reporting templates, and handy reports designed to analyze your mappings for completeness and accuracy.
"I've been part of the UBmatrix Report Builder beta program and am very excited about this product," remarked Don Geiger, CPA, Leader Governmental XBRL CoP (US Dept of Treasury). "It's simple for me to map a financial statement to my taxonomy right within Excel and output an XBRL-tagged financial statement. As an accountant, I found it quite easy and intuitive, especially for someone without extensive XBRL or technical knowledge."
What's more, it also has the powerful UBmatrix XBRL Processing Engine under the hood to provide on-the-fly XBRL validation, aggregation and reporting across multiple XBRL instance documents, full compliance with the XBRL 2.1 specification, and support of complex reporting frameworks like the European COREP and FINREP taxonomies.
UBmatrix™ Report Builder: The Easiest Way To Generate 100% Error Free Reports
More than a mere XBRL report generator, UBmatrix Report Builder uses XBRL to make spreadsheets smarter for the estimated 150 million users of Excel. According to Gartner Group, "Academic research and anecdotal evidence from auditors provide a strong body of evidence that an unacceptably high percentage of spreadsheets contain substantive logic (programming) errors." (Gartner, November 2005) The key reason for these errors according to Gartner is the prolific use of Excel to create what they term "User-driven applications."
UBmatrix Report Builder and XBRL address this challenge by bringing the structure of professionally-developed XBRL taxonomies into the Excel environment. "Since XBRL is a metadata-driven technology standard, the XBRL taxonomy represents a ready-made set of structured data elements and business rules that can be used to assemble smarter reporting templates," explained Joe Pistritto, Vice President of Product Development at UBmatrix. "What's more, with Report Builder's embedded XBRL processing engine, as information is added to the spreadsheet, it is validated against the taxonomy's business rules to flag errors as they happen. This is quite a value-add to Excel."
UBmatrix™ Report Builder: Offering the Benefits of Validation Before Submission
On-the-fly XBRL validation is a key benefit offered uniquely by UBmatrix Report Builder 1.5. And while it's clearly important for internal reporting, validation becomes even more critical when it comes to regulatory compliance reporting. "In Europe, with XBRL reporting deadlines looming, the ability of banking institutions to produce fully-compliant financial and Basel II reports is a must,"
offered Frederic Chapus, President of UBmatrix International. "The Committee of European Banking Supervisors - or CEBS - has developed the COREP and FINREP taxonomy frameworks to support new XBRL reporting requirements. And since we've worked closely both with the banking regulators and the regulated companies to ensure UBmatrix Report Builder can produce a 100% compliant XBRL submission right from Excel, banking institutions have a solution they can use with confidence."
UBmatrix™ Report Builder: Paired with xBReeze to Provide the Most Reliable way to Comply with COREP and FINREP Report Updates
UBmatrix has teamed UBmatrix Report Builder with its Internet-based on-demand service called xBReeze™. Considering that banking supervisors regularly amend the regulatory reporting rules, UBmatrix takes on the responsibility of developing and maintaining 100% compliant reporting templates that work with Excel and UBmatrix Report Builder. The most current templates are maintained on xBReeze and can be easily loaded right into UBmatrix Report Builder.
"As the deadlines for XBRL reporting draw near with Banque de France, many of our clients are asking us 'What is the easiest way to comply?" said Marc-Olivier Lellouche, XBRL BU Director for UBmatrix partner Umanis in France. "We tell them to use UBmatrix Report Builder and xBReeze. It alleviates their need to work with XBRL and the taxonomies, instead allowing them to complete and validate their reports using an application they are very familiar with, Microsoft Excel."
UBmatrix™ Report Builder is due to ship in January 2007 and will include these and other features:
- Import XBRL instance documents into Excel
- Generate XBRL instance documents from Excel
- On-the-fly and bulk XBRL data validation
- Map an existing Excel workbook with your chosen XBRL taxonomy using drag-and-drop functions
- Create and distribute XBRL-enabled Excel templates
- Retrieve XBRL taxonomies from your local machine, from a web address, or from UBmatrix™ xBReeze™
- Browse or search a taxonomy
- View a taxonomy both in list view or in hierarchy view
- Filter and group taxonomy elements for easier use
- Collect and aggregate data from users who have completed the templates
- Analyze XBRL data using Excel graphing and Pivot Tables
- Package and distribute XBRL instance documents (e.g. for submission to 3rd parties)
- View existing and missing mappings/relationships
More information about UBmatrix™ Report Builder or xBReeze™ Compliance Reporting Edition can be found at http://www.ubmatrix.com.
UBmatrix provides technology solutions for making data portable. Offered both as licensed software and on-demand via 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.
Visit UBmatrix at http://www.ubmatrix.com.
UBmatrix and xBReeze are trademarks of UBmatrix, Inc. US Patent No 6,947,947 B2 and other patents pending. Any third-party trademarks and patents are the property of their respective owners.