Oracle has announced that it is embedding UBmatrix’s XBRL technology into its Enterprise Performance Management (EPM) System to facilitate publicly held companies in the preparation, publishing and automatic exchange of financial statements.
According to Oracle, the UBmatrix’s Taxonomy Designer, XBRL Processing Engine and Report Builder technology through the automation of XBRL statement processing help to ensure regulatory compliance and streamline the filing process.
XBRL is reportedly becoming the standard for financial information exchange and reporting driven by the XBRL standardisation programmes being implemented by the United States Securities and Exchange Commission (SEC), FDIC and the European Central Banks.
Oracle and UBmatrix are also working together to provide enterprise class storage and management for XBRL-based information in Oracle Database 11g. Oracle Database’s XML DB feature is expected to enable organisations to store, access and query their XBRL data.
Sunir Kapoor, president and CEO of UBmatrix and member of US board of directors of XBRL, said: “The adoption of XBRL is a global phenomenon. Integrating UBmatrix’s XBRL products into Oracle’s EPM System will facilitate integrated XBRL reporting for thousands of organisations and will extend Hyperion’s broad footprint in the regulatory reporting market. This approach represents the future of how XBRL reporting will be done.”
