Finance

XBRL is transforming the way companies worldwide report financial data. It helps simplify the process of financial reporting and makes financial data more reliable. Many regulators and standards organizations, including the Securities and Exchange Commission, American Institute of Certified Public Accountants, and the Financial Executive Institute, are now adopting XBRL.

The SEC is spending millions of dollars preparing the infrastructure for corporations to report using XBRL (also known as "interactive data"). The agency is funding work to capture the principles of U.S. GAAP into XBRL, something computers can understand – so they can be smart enough to make the financial reporting process both easier and more accurate. 3M, Adobe, GE, Microsoft, Pfizer and United Technologies are a few of the companies already filing SEC submissions using XBRL.

Emphasizing the ease with which public companies can be examined and compared by using XBRL, Chairman Cox has called the technology "truly revolutionizing and exciting… with the potential to slash hours of waste, cost, and inefficiency—not just for users of financial data but for the companies that prepare it as well."

XBRL can speed reporting, aid analysis, reduce errors and improve audits by making it much easier for companies to collect and analyze data. It can also make it more efficient and less costly to communicate financial and business information.

UBmatrix provides the software and knowledge to help you take advantage of the XBRL and its support of U.S. GAAP or IFRS (International Financial Reporting Standards) and put it to use in your own organization.