Oracle Joins XBRL US To Help Drive Adoption

Recently, Oracle assimilated XBRL US, the national consortium for XML business stating standards to stay forward of the technology and help enlarge XBRL embracing a cause by U.S. companies by 2011. Large took off filers were mandated to use XBRL starting in 2009; other considerable filers proposed in 2010 and all other open companies must accede in June 2011 .

Here is a list of other organizations that not long ago assimilated XBRL US:

Federal Filings LLC

Edgar Agents LLC

XSP

For the of you who have been living beneath a rock, XBRL stands for eXtensible Business Reporting Language. Simply put, it's stating electronically. Just similar to PDFs or spreadsheets are a sort of output, XBRL is other outlay choice in electronic form.

Right now, the passing from one to another to XBRL means additional work for publicly traded companies since they must be record their financial statements in both EDGAR and XBRL formats. Once the SEC phases out the EDGAR system, XBRL will be the first way to broach financial data with footnotes and ancillary schedules to multi-part audiences without having to re-key or reformat the information. A singular XBRL report may be converted to printed output, published around the Web, fed in to an SEC database (e.g. EDGAR) or forwarded to a creditor for analysis.

Question: How does Oracle encouragement XBRL reporting?

Answer: The ultimate XBRL 2.1 specifications are upheld by Oracle Hyperion Disclosure Management, that is segment of Oracle's Hyperion Financial Close Suite along with Hyperion Financial Management, Hyperion Financial Data Quality Management and Hyperion Financial Close Management. Hyperion Disclosure Management supports the authoring of financial filings in Microsoft Office, with "hot links" to reports and data stored in Hyperion Financial Management or Oracle Essbase. It supports the XBRL tagging of financial statements together with the disclosures and footnotes inside of your 10K and 10Q filings. Because many of our customers use Hyperion Financial Management (HFM) for their converging needs, they simply produce XBRL statements from their combined financial results.

Question: What if you do not use Hyperion Financial Management, and you usually use E-Business Suite General Ledger or PeopleSoft General Ledger?

Answer: No problem, all you need is Hyperion Disclosure Management to produce XBRL from your broad ledger. Here are the steps: