The eXtensible Business Reporting Language (XBRL) specification has clearly become the new global standard for exchanging financial and business information. The US Securities and Exchange Commission (SEC) has joined European banking regulators, UK tax authorities, and others in mandating its use. XBRL enables all accounting jurisdictions to download, codify, and analyze time-sensitive financial data.
Each jurisdiction can define its own accounting taxonomy, a set of agreed-upon, computer-readable tags for individual data items in business reports. When a company reports a figure for annual revenues, for example, that figure can be tagged in a way that enables almost any computer to immediately recognize and categorize it as annual revenues.
XBRL is a royalty-free, open specification for software that uses XML (eXtensible Mark-up Language) data tags to describe financial information for public and private companies and other organizations.
SAP BusinessObjects XBRL Publishing by UBmatrix can be used with a variety of SAP BusinessObjects Enterprise Performance Management (EPM) and financial modules, including SAP BusinessObjects Financial Consolidation and SAP BusinessObjects Planning and Consolidation, to meet online Securities and Exchange Commission financial reporting guidelines.
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These and other topics are featured in the SAP Press title “Understanding SAP BusinessObjects Enterprise Performance Management” which is available at the SAP Press bookstore and other online merchants. Attend William’s presentations and book signing at the SAP Insider Projects 2010 conference October 26-29 in Orlando later this month.