Waving a wand over XBRL

Fujitsu has announced the latest release of the eXtensible Business Reporting Language (XBRL) software Interstage XWand Version 11, designed to help companies increase automation, transparency and governance around financial activities.

XBRL, an international business reporting language, is the foundation of the Australian Government’s standard business reporting (SBR) program. XBRL is also used by regulators around the world including the Securities and Exchange Commission (SEC) in the U.S., Her Majesty’s Revenue and Customs Service in the U.K. and The Tokyo Stock Exchange in Japan.

“We realised from our experience in projects overseas that software developers do not necessarily want to become XBRL experts. Rather they want to be able to incorporate XBRL into their products in an easy way and focus on the key business related functions of their applications,” said Peter Campbell, Principal Architect in Fujitsu’s XBRL team.

“In conjunction with SBR, we developed an Application Programming Interface (API) which embedded (and hid) all the rules used in the SBR XBRL taxonomies allowing developers to XBRL enable their applications in the simplest possible way.”

This API has now been made available for use by all commercial software vendors involved in the Australian SBR program.

With support for tagging in Microsoft Word and the ability to extend and customise in-house validation of reports before submission, the newest release of Interstage XWand allows clients to quickly and cost effectively adhere to the latest financial regulations.

Interstage XWand 11 also includes an out-of-the-box management dashboard allowing clients to easily conduct comparative analysis of financial data within their company as well as across multiple organisations.