SOURCE: Fujitsu Computer Systems

November 19, 2008 21:00 ET

Fujitsu Unveils Interstage XWand Version 10

Significant Reductions in Time & Cost for Preparation and Analysis of Financial Reports Using Latest XBRL Specifications

TOKYO and SUNNYVALE, CA--(Marketwire - November 19, 2008) - Fujitsu Limited today announced Interstage(R) XWand(R) Version 10, the latest release of its acclaimed XBRL (1) software designed to help companies increase transparency and governance around financial activities. The newest release is one of the industry's first offerings to incorporate the power of business rules in XBRL-based reporting with the adoption of XBRL Formula 1.0 (2), the latest extension to the XBRL specification. Early test results in customer environments have shown significant reductions in the time and cost associated with verifying and submitting financial reports.

The U.S. Securities and Exchange Commission (SEC) has proposed a new mandate which would require companies using U.S.-based generally accepted accounting principles (GAAP) with a market capitalization of more than $5 billion to use XBRL for financial disclosure beginning in 2009. All public companies would follow suit by 2011. This is one of several global initiatives aimed at financial reform. As a founding member of XBRL Japan and former chair of the XBRL International's Specification WG, Fujitsu continues to drive the development and adoption of the specification across the realm of financial reporting. Interstage XWand Version 10 incorporates the latest efforts of XBRL International.

Fujitsu launched the Interstage XWand software in 2003. The product has since been adopted by customers in 23 countries, helping to make XBRL an international standard for financial reporting.

News Highlights

--  Interstage XWand Version 10 conforms with Formula 1.0, the latest
    extension to the XBRL specification
--  Data can be extracted directly from Microsoft(R) Excel(R) spreadsheets
    to automatically create XBRL reports -- without any prior knowledge of XBRL
--  A data-mapping function lets users easily convert XBRL data into
    formats that can be used by other common databases and systems
    

Benefits and Features

--  Reduces time and cost associated with the verification, submission, and
    analysis of financial reports
    -- Formula 1.0 is the business rule-related specification for XBRL
    -- With the use of rules, organizations can validate reports quickly to
       eliminate discrepancies prior to submission
    -- Early test results have shown a significant reduction of up to 50%
       in time and up to 40% in cost associated with the submission-and-
       correction cycle of financial reports
    -- Simplifies XBRL report-creation by leveraging Microsoft Excel(R)
       spreadsheets
        -- Allows use of Microsoft Excel spreadsheets to create XBRL
           documents, thereby eliminating the need for prior knowledge of
           XBRL
        -- Eliminates time and complexity associated with dealing with a
           new format, thus removing potential hurdles to adoption
        -- XBRL reports created using Microsoft Excel will also be
           validated by Formula 1.0
    -- Reduces the burden and cost of handling data by automatically
       converting XBRL report data into formats that can be used by other
       systems
        -- A data mapping function automatically converts XBRL data into
           CSV format, the most common format for data exchange
        -- CSV data can easily be loaded into databases and other systems
        -- Speeds up data handling operations

Quotes

Akira Yamanaka, Corporate Vice President and President of Software Unit, Fujitsu Limited

"XBRL is the future for transparency in financial activities, and Fujitsu continues to lead the industry in helping companies prepare for this new reality. In an era when financial activities will be more heavily scrutinized than before, Fujitsu is making it easier, simpler, and more cost-effective to not only adopt XBRL for compliance, but to also go beyond compliance and gain far greater efficiency in financial processes."

Notes

1) XBRL
   eXtensible Business Reporting Language is an XML-based standard that
   describes financial data and facilitates the creation, distribution, and
   reuse of business reports. XBRL International, a standards organization,
   promotes the specification development and adoption of the XBRL
   specification. XBRL greatly reduces costs to create, distribute, and
   reuse digitalized business reports.

2) Formula 1.0
   An extension of the XBRL 2.1 Specification, defining the calculation
   methods between different data items. It can detect errors in data
   values.

Related Links

Fujitsu Interstage XWand

Webinar - Automated XBRL Reporting

How XBRL Transformed Fujitsu's IT Platform

Case Studies - Featuring Bank of Spain, Tokyo Stock Exchange, United Technologies Corp., and the Financial Services Agency in Japan

XBRL for Financial Reporting & Beyond

XBRL International

SEC Votes to Require Data 'Tagging' in Reports

SEC Maps Interactive Data-filing Mandate

New Data Format May Uncover Company Misdeeds

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. Microsoft and Excel are trademarks or registered trademarks of Microsoft Corporation in the United States and/or other countries. All other trademarks and product names are the property of their respective owners.

The statements provided herein are for informational purposes only and may be amended or altered by Fujitsu Computer Systems Corporation without notice or liability. Product description data represents Fujitsu design objectives and is provided for comparative purposes; actual results may vary based on a variety of factors. Specifications are subject to change without notice.

Contact Information

  • Press Contacts:
    Karen Richardson
    Fujitsu Computer Systems Corporation
    408-746-3300
    Email Contact

    Brigit Valencia
    Eastwick Communications
    650-480-4019
    Email Contact