UBmatrix and Invoke Partner to Deliver Smart XBRL Forms
Meets the needs of Business Registers, Tax Offices and other Organizations adopting eXtensible Business Reporting Language (XBRL)
Paris, France – June 23, 2009 – UBmatrix and Invoke announced today at the 19th International XBRL Conference in Paris that they will be demonstrating a smart XBRL forms solution at the conference. Government Regulators worldwide are mandating the use of XBRL for reporting and the partnership between UBmatrix and Invoke’ provides regulators a cost effective forms-based solution for collecting information in XBRL and that minimizes the impact on reporting companies. Large organizations can also use smart XBRL forms to develop internal information hubs that improve the quality of information exchanged within the business. The partnership between UBmatrix and Invoke includes both joint development and joint marketing.
The adoption of XBRL has been gaining momentum recently with the US Securities and Exchange Commission’s mandate for public companies to report financials in XBRL starting this year. Other regulators moving to, or already mandating, XBRL reporting include: Banque de France, National Bank of Belgium’s Central Balance Sheet Office, the Dutch Tax Office, the Italian Chamber of Commerce, the US Banking Regulator (FDIC) and the Australian Government’s Standard Business Reporting initiative. Smart XBRL forms deliver a cost effective approach for the collector of XBRL reports and provides for minimal impact on the reporting entity.
“Smart XBRL forms make it possible to take full advantage of the benefits of XBRL without challenges of having the reporting businesses adopt new technology,” said Rémi Lacour, CEO of Invoke. “This will allow companies and regulators to get to 100% adoption of XBRL reporting much, much quicker.”
Smart XBRL Forms
Smart XBRL forms leverages the best of XBRL and forms technology. Key features include:
- Generating forms directly for an XBRL Taxonomy
- Delivering instant data validation to the end user by leveraging XBRL calculations and formulas
- Leveraging XBRL-enabled storage for querying and analysis
- Providing easy-to-read presentation of XBRL data
“We have seen a marked increase in the adoption of XBRL in Europe for a wide range of business reporting. The European Commission’s focus on improving the efficiency of business-to-government reporting means that Business Registers, Tax Authorities; and even local Government authorities are looking at ways to improve the manageability and efficiency of their collection efforts,” commented Martin Deville, Managing Director for Europe with UBmatrix. “Smart XBRL Forms will make the process of developing online forms much simpler and further accelerate the adoption of XBRL.”
UBmatrix and Invoke Partnership
The Smart XBRL forms solution includes the UBmatrix XBRL Processing engine, Database Adaptor and the Invoke Forms Designer and Server. Invoke will be marketing the solution in France and UBmatrix will be marketing the solution through its worldwide network of partners.
About UBmatrix
UBmatrix, Inc. is the leading provider of XBRL-based software solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, GRC and external reporting. UBmatrix markets thru an extensive network of technology and implementation partners including SAP, Information Builders, CapGemini, Ciber, Deloitte, Oracle, NTT Data and Umanis. UBmatrix XBRL solutions increase operational efficiency and financial transparency, and ensure reporting accuracy and regulatory compliance. UBmatrix is based in Silicon Valley with development centers in Bellevue, WA, and New Delhi, India. For further information, visit www.ubmatrix.com
About Invoke
INVOKE publishes dedicated software for the preparation and processing of financial and tax-related information. INVOKE’s offering addresses management teams, finance and tax departments, external and internal auditors, regulatory agencies, financial analysts, … Since 2006, INVOKE has been providing a unique XBRL suite incorporating the latest technologies to reading, editing and producing financial information in XBRL format. INVOKE is a founding member of XBRL France. INVOKE’s portfolio of customers to date includes more than 1800 groups and regulators in France and other countries.
|