SOURCE: UBmatrix

October 18, 2007 17:05 ET

Deloitte Australia Turns to UBmatrix for XBRL Solutions and Expertise

PALO ALTO, CA and KIRKLAND, WA--(Marketwire - October 18, 2007) - UBmatrix, Inc., the leading provider of XBRL solutions, announced that Deloitte Australia and Deloitte Digital, the digital delivery business, have engaged UBmatrix to provide XBRL solutions and expertise. Deloitte Australia will use the solutions to prepare financial reports in XBRL for its clients. By using UBmatrix XBRL solutions, Deloitte hopes to reduce the effort and resources it takes to prepare account and tax returns for clients.

"We were spending too much collecting and transposing data out of spreadsheets and into other systems," explains Peter Williams, CEO of Deloitte Digital. "XBRL makes it easy for us to convert all client data into a standardized format, no matter its source. By automating the conversion process, we can increase the speed, efficiency and accuracy of that process. UBmatrix helped us get up and running quickly with XBRL software. From our evaluation, UBmatrix solutions have more flexibility and are easier to use than anything else on the market. We saw real value almost immediately."

As recently noted in a Harvard Business Review, "XBRL makes it much easier to generate, validate, aggregate, and analyze business and financial information, which in turn will improve the quality, timeliness, completeness, and comparability of the information that companies use to make decisions."(1)

Deloitte Digital, the digital delivery business of Deloitte Australia, works to digitize and automate all aspects of Deloitte Australia's professional services and deliver services online. Deloitte Australia serves a wide variety of clients in the areas of audit, assurance and advisory, taxation, corporate finance and consulting. With revenue of more than $625 million, Deloitte Australia is a member of one of the world's leading professional services organizations.

Traditionally, clients deliver their financial information to Deloitte from disparate sources, including a variety of spreadsheets and accounting packages. The company turned to UBmatrix and XBRL as way to easily convert all client data into a standardized format, no matter where it came from.

With the adoption of XBRL, Deloitte Australia puts itself ahead of the market in terms of preparation for XBRL information exchange and reporting. The Australian government has announced a new government program called Standard Business Reporting, which would allow organizations to fill out and submit government reports, such as Income Tax Returns, as XBRL-based documents.

Regulatory organizations around the world are turning to XBRL as a reporting standard, accelerating the usage of XBRL in general. Recently, the U.S. FDIC adopted XBRL as the standard for reporting for its 8,200 member banks, as did the European Union Central Banks under Basel II. The U.S. Securities and Exchange Commission has set the stage for XBRL reporting with an investment in the technology and a pilot XBRL reporting program.

"XBRL is at the heart of the new Australian government program, and Deloitte Australia has placed itself ahead of the curve for XBRL adoption in Australia," said Sunir Kapoor, chief executive officer for UBmatrix, Inc. UBmatrix helped Deloitte build an XBRL gateway that accepts client data from any system, converts the data into a common XBRL format, and then creates a reporting document that can be electronically sent to government regulators as an XBRL-based report. Because the data will now be standardized, clients can analyze and report their data in a more flexible and speedy manner.

"UBmatrix solutions are flexible and easy to use -- and we've seen real value almost immediately. We were also impressed with the UBmatrix team, which supported us as full partners, allowing us to push the envelope in terms of the solutions and service we provide to our internal and external clients," said Williams.

About UBmatrix

UBmatrix, Inc. is the leading provider of XBRL-based information exchange solutions for global organizations and enterprises allowing them to more efficiently and effectively address the challenges of business and financial information management, exchange and reporting. XBRL is fast becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the SEC, FDIC and the European Central Banks. 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 Kirkland, WA, and New Delhi, India. For further information, visit www.ubmatrix.com

About Deloitte Digital

Deloitte Digital is the Web and software development business of Deloitte Australia, which serves a wide variety of clients in the areas of audit, assurance and advisory, taxation, corporate finance and consulting. Deloitte Australia, with revenue of more than $625 million, is a member of Deloitte Touche Tohmatsu, one of the world's leading professional services organizations. Deloitte Digital's mission is to digitize and automate all aspects of the Deloitte's professional services and then deliver those services online.

(1) Harvard Business Review, Breakthrough Ideas for 2007, February 2007

Contact Information

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