SOURCE: Cartesis Inc.

December 04, 2006 09:00 ET

XBRL Enhances Performance Management Applications and Offers Immediate External Benchmarking Business Benefits

New Report Released From the 14th International XBRL Conference Debunks Common Interactive Data Myths and Cites Better Business Reporting

PHILADELPHIA, PA -- (MARKET WIRE) -- December 4, 2006 -- From the 14th International XBRL Conference, Cartesis, the world's leading specialist in finance and performance management software, together with Perception Partners, today announced the findings of a new report on eXtensible Business Reporting Language (XBRL), titled "New Format and Technology Drives Enhanced Business Reporting." The report concludes that beyond expected investor benefits, XBRL provides strategic internal and external advantages to early adopters who integrate third party data with performance management applications.

The conference will bring industry leaders including Securities and Exchange Commission (SEC) Chairman Christopher Cox and International Accounting standards Board Chairman Sir David Tweedie together with XBRL users from the accounting, financial services, publishing, analysts, software, and technology sectors to discuss the development and use of interactive data, or XBRL, to accelerate their business reporting and financial information integration needs.

"The most common misconception about XBRL adoption is the perception of low benefit-high cost for the registrant," says Crispin Read, CMO, at Cartesis. "The real question is: Can you afford to be behind the curve? Companies that don't embrace XBRL will sacrifice the ability to leverage external data and easily calculate growth trends, drivers and metrics and run a wide range of simulations, including M&A scenario analysis, to help their organizations improve business performance and optimize the financial forecast process."

Today's business arena requires participants to be more complete and transparent in the reporting of their business and financial performance in order to meet the needs of investors, shareholders and regulators. Financial and business reporting requires a mix of speed, accuracy and flexibility, and XBRL acts like the "bar code" for financial information, enabling corporations to prepare information quickly, publish it in a variety of formats, tag it for structure and context and make it available for a variety of systems and applications.

"As one of the biggest supporters of XBRL, Chairman Cox firmly believes in the power of this global open-source-driven framework and has coined the phrase 'interactive data' to describe the impact XBRL has on enhanced business reporting," says Liv Watson, co-author of the report, vice-chair of XBRL US and VP of global strategy at EDGAR Online. "XBRL serves not only the interests of investors and regulatory bodies but also provides significant business benefits to participating companies."

The report predicts that the application to pure financial reporting is only the beginning since XBRL provides the perfect technological fit to support the growing trend towards more Enhanced Business Reporting (EBR). EBR includes the reporting of more non-financial business value drivers and the increased use of narrative in reporting.

"Together, XBRL, Enhanced Business Reporting and Performance Management Applications provide a solution capable of improving the business reporting supply chain, which enables the company to create value for shareholders and other stakeholders," says Robert Eccles, co-author of the report and managing director at Perception Partners. "Benchmarking financial information gives companies a sense of where they need to improve vis-à-vis competitors and the information that forms the basis of Enhanced Business Reporting gives them insights into what improvements they need to make on the value drivers that determine future financial performance."

The report states that combined with performance management software, XBRL delivers actionable data that helps organizations:

--  identify internal areas for improvement
--  leverage external benchmarking for competitive analysis
--  allow for a wide range of simulations, including M&A scenario analysis
--  enhance reportable data
--  provide unified reporting in a single environment to increase data
    accuracy and keep maintenance costs down
    
The entire "New Format and New Technology Drives Enhanced Business Reporting" report can be accessed at www.cartesis.com/ebr.

About Cartesis

Cartesis is the world's leading specialist in finance and performance management software with more than 1,300 corporate customers, 600 employees and 200 consultants worldwide. Created in 1990, Cartesis provides insight, control and confidence by unifying information, people and processes at demanding multinationals like Air France KLM, Cargill, Danone, Diageo, Nissan, Société Générale and Standard Life. One in four of Fortune Global 100 companies rely on Cartesis' deep financial expertise and standard-based technology for compliance, financial consolidation, management reporting, planning, budgeting, forecasting, intercompany reconciliation; all unified in a single data-model that can be leveraged by internal and external users. Cartesis' partners include Accenture, Bearing Point, Ernst & Young, KPMG, Microsoft, and PricewaterhouseCoopers. Cartesis has customers in 44 different countries and offices in Brussels, Frankfurt, London, Norwalk (CT), Paris, Tokyo, Toronto and Utrecht. For more information, go to www.cartesis.com.

About Perception Partners

Perception Partners provides advice to companies, boards and investors on corporate reporting, corporate governance and managing reputational risk. It also works with insurance companies and accounting firms on the implications of these topics for their own business models. For more information, go to www.perceptioncos.com.

All cited names and/or trademarks are the property of their respective owners.

Contact Information

  • For more information, please visit www.cartesis.com or call:
    Jonathan Stotts
    203-956-2186
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    Emerge PR
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