SOURCE: UBmatrix, Inc.

October 15, 2008 07:05 ET

With SEC XBRL Mandate Imminent, UBmatrix Launches UBmatrix Report Builder 3.5 With New SEC-Ready Features

UBmatrix Report Builder 3.5 Is an SEC-Ready Reporting Solution With Built in Validation Tools

REDWOOD CITY, CA--(Marketwire - October 15, 2008) - UBmatrix, Inc., the leading provider of XBRL information exchange solutions, announced today 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 also integrated with Microsoft® Excel and Microsoft® Word, embracing the tools and workflows finance and compliance departments already use when preparing SEC reports.

"UBmatrix Report Builder 3.5 provides public companies with the tools they need, and the peace of mind they'll want, in complying with the SEC mandate to report financial results in XBRL," said Sunir Kapoor, president and chief executive officer of UBmatrix, Inc. "We believe UBmatrix Report Builder 3.5 is a step or two ahead of competitive solutions in offering the combination of validation and viewing of SEC XBRL reports -- and its tight integration with Microsoft Word and Excel."

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. All other public companies will be required to file in XBRL in a phased approach. Increased regulatory and compliance demands have led to a drive for technologies, such as XBRL, which can help further compliance while at the same time easing the burdens of reporting.

The UBmatrix Report Builder 3.5 solution, combined with Microsoft® Excel and Microsoft® Word, provides an intuitive desktop environment that enables the creation, interaction with, and validation of XBRL documents including XBRL versions of companies' 10-Q and 10-K filings. UBmatrix Report Builder 3.5 leverages the familiar user interface of Microsoft Excel enabling users to easily prepare, review, and analyze data in XBRL documents. Financial report preparers can assemble data using Excel's standard user interface or populate a spreadsheet with data programmatically using the extensive UBmatrix Report Builder API. Because Report Builder is built into UBmatrix's industry-leading XBRL processing engine, the document is guaranteed to be valid according to US-GAAP taxonomy.

With this release, UBmatrix Report Builder 3.5 adds new features specifically designed to help companies manage and comply with the SEC mandate for financial reporting in XBRL:

--  Validation of SEC Reports -- UBmatrix Report Builder 3.5 provides
    industry leading XBRL validation functions with specific tools to ensure
    report compliance to SEC standards when filing a 10-K, 10-Q or other
    required documents.
--  Embedded SEC Viewer -- The solution embeds the open source "SEC
    Viewer" so companies can see exactly how their reports will be seen by
    analysts and investors once processed through the SEC reporting system.
    This helps ensure the taxonomy has been modeled with the desired labels and
    elements in the proper order, and that all data is XBRL-tagged as intended.
    The final reports can be saved and printed for corporate records.
--  Easily add XBRL Footnotes -- The solution adds a new footnotes feature
    to capture and include footnotes in financial or compliance reports.  The
    solution offers a user-friendly method of capturing both plain text and
    block-text/HTML XBRL footnotes. Each footnote entry can be reused any
    number of times, and multiple footnotes can be associated to a given
    reporting element.
--  Import Notes & Disclosures -- Given the narrative nature of the Notes
    and Disclosures, many organizations author and review this content in
    Microsoft Word. In order to easily incorporate this content into an XBRL
    filing, UBmatrix Report Builder 3.5 includes the ability to attach Word
    documents and reference select content from each document when producing an
    XBRL report.  This allows financial report authoring in an Excel
    environment while text can be written and edited inside one or more Word
    documents.
--  Hyperion SmartView Support -- Users that leverage HFM's SmartView plug-
    in to Excel for producing their financial reports can now use UBmatrix
    Report Builder 3.5 to create and validate XBRL documents from their
    SmartView spreadsheets.
    

UBmatrix Report Builder 3.5 also comes with a number of enhancements for tighter integration with Microsoft Office solutions.

--  Microsoft Office and Vista Support -- UBmatrix Report Builder 3.5 now
    supports both Microsoft Office 2007 and the Microsoft Vista operating
    system.
--  Microsoft Word Imports -- As noted, the solution now supports the
    importation of content from linked Microsoft Word documents.  This feature
    is of particular importance to companies in terms of inclusion of their
    Notes and Disclosures.
--  Excel Style Template Protection -- UBmatrix Report Builder 3.5 also
    enables new template protections similar to those used in Excel
    spreadsheets and cells, including password protection.  This allows
    management and administrators to access and set taxonomy and mapping
    features, while keeping preparers focused on the data entry and validation
    features.
    

In addition to meeting the needs of SEC filers through the support of the US-GAAP taxonomy, UBmatrix Report Builder is currently in use worldwide enabling filers to create and validate XBRL documents for any XBRL use case, including Basel II reporting using CO/FINREP taxonomies and Standard Business Reporting using the IFRS taxonomy.

"UBmatrix helped pioneer the development of XBRL technology and played a key role in the development of the US GAAP taxonomy used by the SEC -- so users can be confident that UBmatrix Report Builder 3.5 is a completely SEC-ready solution, providing all the tools a company needs to prepare and submit its SEC reports in XBRL," said Kapoor.

UBmatrix XBRL Solutions

UBmatrix provides a full suite of solutions and services that enable global corporations and regulatory agencies to realize the benefits of XBRL -- from the underlying processing engine, to desktop development and deployment tools, all the way to packaged solutions for regulatory filings.

UBmatrix's XBRL solutions are used today in advanced, demanding environments such as the Federal Deposit Insurance Corporation (FDIC), European central bank supervisors such as Banque de France, the global Microfinance Information eXchange, and leading global corporations participating in the SEC XBRL voluntary filing program.

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
    (917) 617-0106
    Email Contact