SOURCE: Fujitsu Computer Systems

August 04, 2008 08:00 ET

Fujitsu Prepares Enterprises for the SEC's XBRL Financial Reporting Mandate

Compliance Week Webinar Featuring Bank of Spain, Forrester Research Explores the Power of XBRL and Process Automation for Sustained Compliance & Financial Governance Improvement

SUNNYVALE, CA--(Marketwire - August 4, 2008) - Fujitsu Computer Systems Corporation today discussed details of how the company's Interstage(R) XWand(R) solution can help organizations prepare for the expected SEC mandate that calls for the adoption of eXtensible Business Reporting Language (XBRL) tagging and reporting mechanisms for financial reporting. The company also announced that it is co-hosting a webinar with Compliance Week that will feature early adopters sharing their experiences using XBRL and discussing the benefits of combining it with process automation for better control over financial management processes. The webinar is scheduled for August 21, 2008, at 11 a.m. PDT/ 2 p.m. EDT.

In May of this year, the SEC proposed that companies using U.S.-based generally accepted accounting principles (GAAP) with a market capitalization of more than $5 billion be required to use XBRL for financial disclosure beginning in 2009, with all public companies following suit by 2011. A final decision on the adoption is expected in August.

This much anticipated announcement follows a series of decisions made by regulatory bodies and financial services organizations across the globe to standardize the way in which financial data is distributed. Momentum around XBRL has gathered steam over the last few years with the Federal Reserve and Federal Deposit Insurance Corporate (FDIC) mandating its use for bank call reports of 8,200 US Banks with more than a trillion dollar in assets; the Shanghai Stock Exchange adopting XBRL for Chinese public companies; the banking communities in Spain, Belgium, and Japan adopting XBRL; the adoption of XBRL by the Committee of European Banking Supervisors using the Common Reporting Framework (COREP); and the Netherlands discussing the world's first full-circle implementation of XBRL for regulatory reporting for its federal and local government.

Automated XBRL Reporting Aids Sustained Compliance & Financial Process Governance Improvement

The Fujitsu offerings that combine the power of XBRL with process automation will help companies manage the entire financial reporting lifecycle. It enables creating, extending and validating taxonomies and creating, editing and validating reports. It will also handle the processes surrounding report creation, including extracting data from multiple systems, conversion to XBRL, navigating reports through the approval chain, and automating report filing and storage.

"We have always believed in the reporting and compliance benefits of XBRL and welcome the move by the SEC, which is the next step in the global standardization on XBRL," said Ryosuke Mori, executive vice president, Software and Strategy, for Fujitsu Computer Systems. "We are fortunate to be able to leverage our global experience to advise companies on how to meet the immediate SEC requirements as well as establish better financial governance through process improvement initiatives."

Fujitsu is among the founding members of the XBRL international consortium and continues to drive the development of the XBRL specification and its adoption across the financial reporting ecosystem. Early adopters of the Fujitsu offerings include the Tokyo Stock Exchange Group, Inc., Financial Supervisory Service in Korea, Financial Services Agency in Japan, Bank of Spain, Merrill Corporation, TKC Corporation, Dynaxys, Clarity Systems, and United Technologies Corp. Fujitsu has seen a significant increase in the interest in XBRL from enterprises in the United States following the SEC's recent announcement.

Interstage XWand and the Financial Services Agency (FSA) in Japan

In March of 2008, Fujitsu, using Interstage XWand, completed the development of the Financial Services Agency's (FSA) new EDINET system, an electronic system for publicly listed corporations to file financial reports in accordance with the Financial Instruments and Exchange Law. The FSA is mandating the submission of XBRL-formatted reports to EDINET beginning with the 2008 fiscal year. The EDINET system accelerates the generation, distribution, and utilization of XBRL-formatted financial reports. For more information, visit http://www.fujitsu.com/global/news/pr/archives/month/2008/20080317-01.html

Interstage XWand and the Financial Supervisory Service (FSS) in Korea

The primary function of the FSS is the examination and supervision of all financial institutions in Korea. It also covers the oversight and enforcement functions as charged by the Financial Services Commission and the Securities and Futures Commission. The FSS wanted to leverage XBRL to quickly verify financial data and protect investors by improving the electronic disclosure system. The FSS set itself a goal of enhancing the system so that non-experts can create XBRL documents in compliance with the XBRL 2.1 standard. Following a year-long trial period, in October of 2007, South Korea mandated the submission of financial statements in XBRL in accordance with the K-GAAP taxonomy developed by XBRL Korea. Interstage XWand is being used for the creation and analysis of XBRL documents by FSS.

Interstage XWand and Bank of Spain

Bank of Spain adopted XBRL as a standard for its reporting and used Interstage XWand to develop the technical infrastructure services necessary for processing documents in XBRL. Because Interstage XWand allows developers at the Bank of Spain to work at the application level, they did not need to be experts in XBRL. Interstage XWand also makes it easy to modify the applications in the event of changes in the XBRL specification or in basic technology. For more information, visit http://www.fujitsu.com/global/casestudies/INTSTG-bank-of-spain.html

Compliance Week Webinar Hosted by Fujitsu

On August 21 at 11 a.m. PDT/2 p.m. EDT, Compliance Week and Fujitsu will co-host a webinar, "Automated XBRL Reporting: How to Get Started & Reap Benefits." Participating in the webinar will be Victor Morilla, XBRL manager, Bank of Spain; Scott Tiazkun, senior analyst, Forrester Research; Lisa Miller, president, Dynaxys; and Jaideep Shah, senior product manager, Fujitsu Computer Systems Corporation. The webinar will take a close look at how companies can benefit from XBRL beyond the basic reporting required by the new SEC mandate, resulting in a greater return on their XBRL compliance investment. These early adopters of XBRL and industry experts will weigh in on the benefits of combining the power of XBRL with process automation for sustained compliance and continuous financial governance improvement. To register for the webinar, visit www.complianceweek.com.

More Information On Interstage Xwand

Interstage XWand is an application development and runtime environment for building and deploying full-featured XBRL applications that will satisfy the SEC mandate. Interstage XWand reduces application development time with drag-and-drop XBRL tools and rich APIs that enable developers to work at the application level rather than the XBRL level. Interstage XWand automates the creation, conversion, validation and mapping of XBRL documents and taxonomies. With Interstage XWand, users can manage, exchange and present financial data in XBRL without knowing XML. Interstage XWand fully supports the XBRL standards 2.1 and 2.0 and is currently in use in organizations around the world. For more information on Interstage Xwand, visit http://www.fujitsu.com/global/services/software/interstage/xwand/.

About Fujitsu Computer Systems Corporation

Headquartered in Sunnyvale, Calif., Fujitsu Computer Systems is a wholly owned subsidiary of Fujitsu Limited (TSE: 6702) committed to the design, development and delivery of advanced computer systems, application infrastructure software products, and managed services for the business enterprise. Through its TRIOLE(R) strategy, the company offers a complete line of scalable and reliable servers, storage and middleware solutions, high-performance mobile and client computers, as well as professional services. Fujitsu Computer Systems has established itself as a strategic solutions provider to the world's leading organizations by offering technology innovation, customer choice, exceptional product quality and reliability, as well as outstanding customer service. See http://us.fujitsu.com/computers for further information.

About Fujitsu

Fujitsu is a leading provider of IT-based business solutions for the global marketplace. With approximately 160,000 employees supporting customers in 70 countries, Fujitsu combines a worldwide corps of systems and services experts with highly reliable computing and communications products and advanced microelectronics to deliver added value to customers. Headquartered in Tokyo, Fujitsu Limited (TSE: 6702) reported consolidated revenues of 5.3 trillion yen (US$53 billion) for the fiscal year ended March 31, 2008. For more information, please see: www.fujitsu.com.

Fujitsu, the Fujitsu logo, Interstage, XWand and TRIOLE are trademarks or registered trademarks of Fujitsu Limited in the United States and other countries. All other trademarks and product names are the property of their respective owners.

Contact Information

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