SOURCE: UBmatrix

December 04, 2007 14:35 ET

UBmatrix Offers "First Step Program" to Support Public Companies' Participation in the SEC XBRL Voluntary Filing Program

PALO ALTO, CA and KIRKLAND, WA--(Marketwire - December 4, 2007) - UBmatrix, Inc., the leading provider of XBRL information exchange solutions, today announced that it has launched a new solution designed to provide public companies with the software and services needed to participate in the Securities and Exchange Commission's (SEC) Interactive Data (or XBRL) Voluntary Filing Program (VFP). The "First Step Program" will take advantage of the updated US-GAAP taxonomy, which is expected to be available for public review later this month.

Over the last two years the Securities & Exchange Commission (SEC) has formally solicited participation in a Voluntary Filing Program (VFP) which allows public companies to voluntarily submit XBRL documents along with their periodic SEC reports and investment company filings. XBRL is an XML-based standard used to define and exchange business reports and financial statements. The program is designed to test the filing of interactive data (XBRL) reports "as a means of vastly improving transparency, data quality and efficiency for investors, both institutional and individual," according to the SEC. Over forty leading companies, including IBM, Ford Motor Co., General Electric, Pepsi Co., United Technologies, and Xerox, are participating in the SEC XBRL Voluntary Filing Program, and have begun filing their forms 10-Q and 10-K financial tables in XBRL.

"The SEC's XBRL Voluntary Filing Program is the first step towards mandatory XBRL filings, in line with similar mandates from other leading regulatory agencies," said Sunir Kapoor, Chief Executive Officer, UBmatrix, Inc. "The increased efficiency and flexibility of reporting in XBRL, along with an expected mandate, is driving public companies to participate in the SEC's Voluntary Filing Program. UBmatrix's First Step Program will provide companies with the software, services and expertise they need to get up and running quickly with XBRL reports and filings."

The UBmatrix First Step Program is designed for first-time XBRL filers and includes all the software and services a company needs to participate in the SEC Interactive Data (XBRL) Voluntary Filing Program, enabling the preparation of their 10-K and 10-Q financial statement submissions in XBRL. The UBmatrix First Step Program includes a license to UBmatrix Report Builder and UBmatrix Taxonomy Designer along with introductory education and training on XBRL, the US-GAAP taxonomy and the Voluntary Filing Program.

The UBmatrix program includes gap analysis of a company's balance sheet, income statement and cash flow statement against the US-GAAP taxonomy, development of taxonomy extensions, if needed, and the tagging of financial tables, resulting in a validated XBRL submission. The UBmatrix team will work closely with a company's finance and IT teams to ensure complete understanding of the processes and requirements involved in the Voluntary Filing Program, and successful filings of SEC documents.

"UBmatrix's package will enable more companies to participate in the Voluntary Filing Program resulting in better feedback to the SEC," said Mark Bolgiano, President and CEO of XBRL US. "UBmatrix certainly has the depth of XBRL experience and proven solutions to help public companies benefit from their SEC VFP experience."

UBmatrix has been working with XBRL US, Inc. to build the US GAAP XBRL taxonomy, or dictionary of terms, for the SEC to accommodate a broad audience of public companies in their reporting. XBRL US is a part of XBRL International, a not-for-profit consortium of approximately 450 companies and agencies worldwide working together to develop the XBRL standard and extend its adoption.

"With years of XBRL experience, a proven software tool set, and as an active participant in the development of the SEC's US-GAAP taxonomy project, UBmatrix brings everything to the table that a company needs to leverage the value of XBRL," said Kapoor. "UBmatrix is proud to have supported many of the world's leading regulatory agencies in the establishment of their XBRL programs and taxonomies -- and proud that leading companies, such as IBM, have employed our software and engaged our expertise."

UBmatrix supported IBM in joining the SEC Voluntary Filing Program by providing its expertise and software tools to IBM, including UBmatrix Report Builder and UBmatrix Taxonomy Designer. The recently completed project allowed IBM to file, for the first time, the company's complete 2006 financial statements, in form 10-K, in XBRL with the SEC in August 2007.

"The growing adoption of XBRL for regulatory reporting is spurring startups to create a new generation of financial reporting tools," said Neil Chandler, Research Director with Gartner in a March 2007 report entitled, "Cool Vendors in Finance and HCM, 2007." "XBRL reporting will drastically reduce the time required to produce detailed and standardized internal and external financial reports, resulting in increased transparency, report production cost savings, and greater confidence in reporting accuracy and regulatory compliance."

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 Bank Supervisors. 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

Contact Information

  • For further information, contact:
    Dan Cahill
    (415) 552-3999 Office
    (917) 617-0106 Mobile
    Email Contact