Infor Provides XBRL Support for Financial Reporting
Infor Performance Management Software Includes Drag and Drop XBRL Tagging to Help Companies Meet New Financial Reporting Requirements.
Atlanta, GA, March 12, 2009 --(PR.com)-- Infor today announced that Infor PM 10, a comprehensive suite of business performance management applications, now supports eXtensible Business Reporting Language (XBRL), a fast growing worldwide financial reporting standard. Infor PM 10 provides integrated XBRL capabilities, enabling companies to quickly comply with financial reporting requirements aimed at improving the transparency and accessibility of financial data.
The U.S. Securities and Exchange Commission (SEC) issued new rules requiring securities filings to use XBRL to provide all investors with access to accurate and interactive financial data. Beginning in June 2009, the 500 largest public companies in the U.S. must file using XBRL. On a phased timeline, all public companies in the U.S. will eventually file using the new interactive reporting standard by 2011.
“The XBRL filing requirement will have two significant impacts,” said Robert Kugel of Ventana Research in a recent research note. “First, those companies that must file with the SEC will have an additional burden to bear in their close-to-report cycle, one that will grow increasingly heavy as the level of detail rises. Finance departments will have to adapt their post-period end processes to be able to handle this increased workload within the filing deadlines. Ventana Research recommends that if they haven't already, all public companies should begin investigating ways to automate some or all of the processes associated with filing XBRL-tagged reports.”[1]
Infor PM 10 provides an integrated suite of performance management applications including planning and budgeting, financial consolidation, strategic management, forecasting, and reporting and analysis. After the financial consolidation process, Infor PM 10 enables users to tag financial data through a drag and drop interface, preview and error check the report, and export the finished interactive XBRL report.
“The upcoming deadlines for companies to implement XBRL highlights the benefits of integrated performance management in the financial consolidation process,” said Christina McKeon, director, Solutions Marketing, Performance Management, Infor. “Once financial consolidation is completed in PM 10, companies can simply tag their data in the software to provide regulators and investors with the new interactive reporting format.”
In addition to the U.S., jurisdictions around the world are contributing to XBRL and mandating it as a standard for electronic communication of business and financial data. Over 100 countries require or allow the use of XBRL in financial reporting and companies are adopting the standard to reduce costs and streamline their processes for collecting and reporting financial information.
Additional Resources
Infor PM 10 Website – http://sn.im/pm_10
XBRL International Website – http://www.xbrl.org/
Infor Blog: “Three Things You Need to Know About XBRL” – http://sn.im/xbrl_blog
About Infor
Infor acquires and develops functionally rich software backed by thousands of domain experts and then makes it better through continuous innovation, faster implementations, global enablement, and flexible buying options. In a few short years, Infor has become one of the largest providers of business software in the world. For additional information, visit www.infor.com.
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This announcement reflects the direction Infor may take with regard to the specific product(s) described herein, all of which is subject to change by Infor in its sole discretion, with or without notice to you. This announcement is not a commitment to you in any way and you should not rely on this document or any of its content in making any decision. Infor is not committing to develop or deliver any specified enhancement, upgrade, product or functionality, even if such is described in this announcement and even if such description is accompanied by words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “predict,” “should,” “will,” and/or similar expressions. Many factors can affect Infor’s product development plans and the nature, content and timing of future product releases, all of which remain in the sole discretion of Infor. This announcement, in whole or in part, may not be incorporated into any contractual agreement with Infor or its subsidiaries or affiliates. Infor expressly disclaims any liability with respect to this announcement.
For more information:
Wade Coleman Justin Siefert
Infor Wunderkind Public Relations
(678) 319-8748 (404) 601-3660 ext. 113
wade.coleman@infor.com jsiefert@wunderkindpr.com
[1] Ventana Research, “Thou Shalt XBRL” by Robert Kugel, Feb. 2, 2009
The U.S. Securities and Exchange Commission (SEC) issued new rules requiring securities filings to use XBRL to provide all investors with access to accurate and interactive financial data. Beginning in June 2009, the 500 largest public companies in the U.S. must file using XBRL. On a phased timeline, all public companies in the U.S. will eventually file using the new interactive reporting standard by 2011.
“The XBRL filing requirement will have two significant impacts,” said Robert Kugel of Ventana Research in a recent research note. “First, those companies that must file with the SEC will have an additional burden to bear in their close-to-report cycle, one that will grow increasingly heavy as the level of detail rises. Finance departments will have to adapt their post-period end processes to be able to handle this increased workload within the filing deadlines. Ventana Research recommends that if they haven't already, all public companies should begin investigating ways to automate some or all of the processes associated with filing XBRL-tagged reports.”[1]
Infor PM 10 provides an integrated suite of performance management applications including planning and budgeting, financial consolidation, strategic management, forecasting, and reporting and analysis. After the financial consolidation process, Infor PM 10 enables users to tag financial data through a drag and drop interface, preview and error check the report, and export the finished interactive XBRL report.
“The upcoming deadlines for companies to implement XBRL highlights the benefits of integrated performance management in the financial consolidation process,” said Christina McKeon, director, Solutions Marketing, Performance Management, Infor. “Once financial consolidation is completed in PM 10, companies can simply tag their data in the software to provide regulators and investors with the new interactive reporting format.”
In addition to the U.S., jurisdictions around the world are contributing to XBRL and mandating it as a standard for electronic communication of business and financial data. Over 100 countries require or allow the use of XBRL in financial reporting and companies are adopting the standard to reduce costs and streamline their processes for collecting and reporting financial information.
Additional Resources
Infor PM 10 Website – http://sn.im/pm_10
XBRL International Website – http://www.xbrl.org/
Infor Blog: “Three Things You Need to Know About XBRL” – http://sn.im/xbrl_blog
About Infor
Infor acquires and develops functionally rich software backed by thousands of domain experts and then makes it better through continuous innovation, faster implementations, global enablement, and flexible buying options. In a few short years, Infor has become one of the largest providers of business software in the world. For additional information, visit www.infor.com.
###
This announcement reflects the direction Infor may take with regard to the specific product(s) described herein, all of which is subject to change by Infor in its sole discretion, with or without notice to you. This announcement is not a commitment to you in any way and you should not rely on this document or any of its content in making any decision. Infor is not committing to develop or deliver any specified enhancement, upgrade, product or functionality, even if such is described in this announcement and even if such description is accompanied by words such as “anticipate,” “believe,” “expect,” “intend,” “may,” “plan,” “project,” “predict,” “should,” “will,” and/or similar expressions. Many factors can affect Infor’s product development plans and the nature, content and timing of future product releases, all of which remain in the sole discretion of Infor. This announcement, in whole or in part, may not be incorporated into any contractual agreement with Infor or its subsidiaries or affiliates. Infor expressly disclaims any liability with respect to this announcement.
For more information:
Wade Coleman Justin Siefert
Infor Wunderkind Public Relations
(678) 319-8748 (404) 601-3660 ext. 113
wade.coleman@infor.com jsiefert@wunderkindpr.com
[1] Ventana Research, “Thou Shalt XBRL” by Robert Kugel, Feb. 2, 2009
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Sara Capers
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