SOURCE: UBmatrix, Inc.

October 15, 2008 07:00 ET

With SEC Deadline Approaching, UBmatrix Offers Free Validation Service for SEC Filers

UBmatrix Offers Free Report to Public Companies Filing SEC Reports in XBRL

REDWOOD CITY, CA--(Marketwire - October 15, 2008) - UBmatrix, Inc., the leading provider of XBRL information exchange solutions, announced today that it is offering a free public service to test and validate Securities and Exchange Commission (SEC) filings for public companies filing SEC reports in Interactive Data (XBRL).

"UBmatrix is a pioneer in the development of XBRL and in the development of the XBRL specifications and taxonomies. We are highly committed to ensuring that companies who file their SEC reports in XBRL do so successfully and efficiently, and our free testing and validation program is our latest commitment to that end," said Sunir Kapoor, President and Chief Executive Officer of UBmatrix, Inc. "As the first deadline for filing SEC reports in XBRL approaches, we expect companies will turn to UBmatrix for its expert guidance."

The Securities and Exchange Commission has adopted a Rule Proposal that mandates interactive data (XBRL) filings of SEC reports for public companies, beginning with "large accelerated filers." Under the new rule, most Fortune 500 companies, among others, will be required to submit their reports in XBRL beginning with fiscal periods ending in December 2008. Eventually, all public companies will be required to file in XBRL. The SEC has published a list of Public Validation Criteria that outlines more than two dozen specific criteria to be met to ensure the consistency and quality of XBRL documents submitted to the agency.

To help companies comply with the mandate, UBmatrix, Inc., will be offering a free service to analyze companies' Interactive Data (XBRL) filings against the SEC Public Validation Criteria. UBmatrix will provide an HTML-based report detailing areas of compliance and exceptions for the test report filing, and will conduct a 30-minute consultation with each public company. Companies can submit their filing, including instance document and taxonomy extension, to UBmatrix for free evaluation beginning immediately and through the end of the year (December 31, 2008). For more information visit http://www.ubmatrix.com/validationoffer.htm.

The SEC Public Validation Criteria are designed, according to the SEC, to "improve the consistency and quality of XBRL documents submitted to the SEC." The full list of the two dozen plus criteria and a description of the program are available on the SEC website at: http://www.sec.gov/spotlight/xbrl/publicvalidationcriteria.htm.

What XBRL Reporting Means for Companies and Investors

The SEC Interactive Data (XBRL) program and the Public Validation Criteria, according to the SEC, "will make it easier both to file information with the Commission, and to use it. For investors and analysts, it will represent a quantum leap over existing disclosure technologies. For companies, it will mean easier and less costly compliance with SEC requirements." In a speech on the subject, SEC Chairman Cox further stated, "a standard data format for sharing financial statements and other information that is important to investors will facilitate the kind of comparisons among global investment options that investors need. The international movement to employ XBRL for this purpose will let investors easily find and compare business and financial data with the same ease of doing a Google or Yahoo! search today. And it promises to let companies prepare their financial information more quickly, more accurately, and for less cost."

Sunir Kapoor, President and Chief Executive Officer of UBmatrix, Inc., provided further context noting that, "XBRL reporting promises a revolution in the transparency of public financial information. For companies, XBRL makes it easier to file, and allows for more flexibility in reporting in their 10-Qs and 10-Ks. For investors and financial analysts, the action will result in more robust and accurate information on public companies."

UBmatrix Report Builder 3.5: SEC-Ready Reporting Solution

UBmatrix also announced this week the release of UBmatrix Report Builder 3.5, a desktop tool for creating, interacting with, and validating XBRL documents. UBmatrix Report Builder 3.5 is an SEC-ready reporting solution with built-in tools for validating Securities and Exchange Commission (SEC) XBRL compliance and an embedded SEC Viewer so companies can see exactly how their reports will be seen by analysts and investors. The solution is seamlessly integrated with Microsoft® Excel to assist finance and compliance professionals in the preparation of XBRL report submissions. For further information, visit www.ubmatrix.com.

UBmatrix First Step Program: All the Tools and Services Needed for SEC Reporting

For the company that wants full hands-on guidance with their SEC XBRL filing program, UBmatrix also offers the UBmatrix First Step Program, which provides all the tools and services needed comply with SEC reporting in XBRL. The program includes:

--  Training on XBRL, the US GAAP taxonomy and the Voluntary Filing
    Program
--  Gap analysis of your balance sheet, income statement, and cash flow
    statement
--  Introductory training on UBmatrix software applications used in filing
    XBRL
--  US GAAP taxonomy extensions using UBmatrix™ XBRL Taxonomy Designer
--  Tagging of your financial tables in Excel using UBmatrix™ Report
    Builder
--  Review of tagged financial tables, XBRL instance document, validation
    reports
--  Basic customization to the standard financial tables rendering style
    sheet
--  Summary report to your Investor Relations team
    

Free Online Seminar: CFO's Guide to Complying with the SEC XBRL Mandate

UBmatrix is also offering a free online seminar to help companies better understand their obligations under the SEC XBRL Rule Proposal. "The XBRL Mandate and Beyond," online seminar features a panel of financial and legal experts who provide an overview of the SEC Rule Proposal and outline the steps necessary to comply with the rule, as well as best practices in adopting and using XBRL technology for financial information exchange and reporting. The panel includes Charlie Hoffman, one of the architects of the US GAAP taxonomy. For further information, visit www.ubmatrix.com.

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 Central European 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
    Mobile: (917) 617-0106
    Email Contact