tgg xbrl white paper - 20101014.2

8/8/2019 Tgg Xbrl White Paper - 20101014.2

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A TGG White Paper

The Goal Getters

[email protected]

XBRL and Oracle | Hyperion

Enterprise Performance Management System

Prepared By: Dean WilsonDate of Publication: October 2010

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Table of Contents

Introduction to XBRL.......................................................................................................3

Additional Resources.......................................................................................................12

Inline XBRL.......................................................................................................................4

Regulatory Compliance.....................................................................................................4

XBRL Benefits...................................................................................................................5

Oracle | Hyperion Solution...............................................................................................5

Todays Oracle | Hyperion Solution.................................................................................5

Summary and Next Steps..................................................................................................7

XBRL Software Tools........................................................................................................9

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Introduction to XBRL

XBRL is a language for the electronic communication of business and financial datawhich is changing business reporting around the world. It provides many benefits in thepreparation, analysis and communication of business information and offers opportunitiesfor cost savings, greater efficiency and improved accuracy and reliability in the use ofbusiness and financial data.

XBRL stands for eXtensible Business Reporting Language. It is one of a family ofeXtensible Markup Language (XML) languages which is becoming a standard means ofcommunicating information both between businesses and on the internet.1

XML is an open standards set of rules for creating structured documents electronically.

The design goals of XML are to emphasize simplicity, generality, and usability over theInternet.2 Beginning in 1996, XML was compiled by a working group of elevenmembers including representatives from Sun Microsystems, Textuality, Netscape,Microsoft, University of Illinois, World Wide Web Consortium (W3C), Texcel, INSO,HP, ISOGEN, ArborText, NCSA, Muzmo and Grif, Fuji Xerox Information Systems,Adobe, Vignette, SoftQuad, DataChannel) 3

XBRL began in 1998, and continues to be developed by XBRL International, aninternational non-profit consortium of approximately 450 major companies, organizationsand government agencies (including Oracle | Hyperion, Sun Microsystems, CanadianInstitute of Chartered Accountants, HP, Microsoft). It also is an open standard and free

of license fees. XBRL is already being put to practical use in a number of countries andimplementations are growing rapidly around the world.

A key component in the development of XML came in 2001, when Hyperion andMicrosoft published the XML for Analysis specification, allowing open access tomultidimensional databases from any platform.

XBRL has been developed with a view to becoming the standard information format forexpressing business information. XBRL tags data with standardized descriptions (e.g.revenue, inventory, cash) that enable that information to be used with many systems for awide range purposes. These standard codes can be obtained from a taxonomy, or

inventory of available tags with common definitions. Each reporting jurisdiction willdevise its own taxonomy to reflect specific reporting applications and regionalaccounting standards (i.e. IFRS, US GAAP, Canadian GAAP). Logically, there is a limitto which standards can be achieved, so preparers may need to resort to extensions, orcustom tags, to capture the unique aspects of their industry or type of business. Theresult is that data is entered only once and then understood consistently and accuratelythereafter.

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Inline XBRL

Inline XBRL (iXBRL) is a standard for embedding XBRL fragments into an HTMLdocument. It was created to avoid the need to create visual renderings of XBRL instancedocuments. The objective is to provide documents which can be viewed in a browserwhile making use of XBRL tags which can be processed automatically by consumingapplications. Inline XBRL satisfies the need to work in a "human readable" documentwhile utilizing the "computer readable" XBRL standard.4

In April 2010, the Inline XBRL (Rendering) Specification was approved as arecommendation by the XBRL International Standards Board and the InternationalSteering Committee.

Regulatory Compliance

In 2005, the US Securities and Exchange Commission (SEC) launched its XBRLVoluntary Filing Program. Approximately fifty companies, representing more than $1trillion of market value, have joined the SEC's test group and have agreed to voluntarilysubmit reports.5

In early 2007, the Canadian Securities Administrators (CSA) launched an XBRLvoluntary filing program. Reporting issuers participating in the voluntary program wereable to file financial statements in XBRL format beginning in May 2007.6 The results ofthe voluntary program will be used to gain practical knowledge and experience withXBRL and will help in learning both the functionality and challenges involved in usingXBRL filings. After gaining knowledge and experience through the voluntary program,further decisions regarding mandatory XBRL filings will be made.7

In December 2008, the SEC mandated XBRLs use by large public companies andmutual funds for reporting financial statements beginning in July 2009, and all publiccompanies must comply by June 2011.

The FDIC and European Union Central Banks, with Basel II (standards for minimumcapital requirements for banking organizations), have committed to an XBRL reportingstandard.8

Other regulators around the world, including the Australian Taxation Office, ChineseSecurities Regulation Commission, Dutch Tax Authority, UK Financial ServicesAuthority and Bank of Japan are also adopting XBRL-enabled processes and systems tocollect, aggregate, validate and use information.

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XBRL Benefits

The benefits of adopting an XBRL reporting process versus current reporting practicesare:

Reduced preparation time and cost through automated data collection.

Increased confidence in data by limiting the risk of erroneous data entry.

Enhanced analytical capabilities.

Accelerated financial decision making.

Broader information availability.

Adaptability to changing reporting requirements.

Increased transparency.

Oracle | Hyperion Solution

Oracles Hyperion EPM applications have long supported XBRL as a basic output formatvia Oracles Hyperion Financial Reporting (HFR). HFR offers XBRL Manager - afeature that uses XBRL to convert data into a standard format that can be read andprocessed automatically by a wide range of financial software. Currently, HFR does notprovide rich validation capabilities.

Features of HFR XBRL Manager:

Download XBRL taxonomies directly into HFR.

Update and manage XBRL schemas.

Define XBRL contexts and units for a report.

Export reports as instance documents, by attaching XBRL metadata.

Create instance documents using HFM, Hyperion Planning, or Essbase data sources.

Todays Oracle | Hyperion Solution

In April 2010, Oracle | Hyperion Disclosure Management (DM) was released. DM is acomplete XBRL creation and management solution, built on UBmatrix technology, anddemystifies the creation of XBRL documents and features deep integration with theEnterprise Performance Management (EPM) System including Hyperion Financial

Reporting (HFR), Hyperion Financial Management (HFM) or Hyperion Planning (HP).UBmatrix Inc. is the leading provider of XBRL-based software solutions for globalorganizations and enterprises. The UBmatrix technology helps to provide a much deeperlevel of XBRL functionality.

DM allows organizations to centralize and effectively manage the development of XBRLsubmissions now required by many regulatory bodies. DM enables users to graphically

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perform XBRL tagging at several levels within Microsoft Office, within EPM Systemreports or in the datasource metadata. The solution lets users modify or extend

taxonomies before the mapping process as well as support multiple taxonomies. XBRLinstance documents can also be created and validated before submission.

DM features include:

A taxonomy extension and management tool for customizing taxonomies.

The ability to load and map any XBRL taxonomy.

An XBRL validation tool that will check the XBRL calculations against thecalculations from Oracles EPM applications and identify any errors.

A drag and drop feature for tagging new accounts.

Tagging at the application metadata level or report level. When XBRL tags are

created at the metadata level (i.e. application account level) the tags becomeautomatically available in any new report.

DM's common foundation and tight integration with the Oracle EPM system reduces thetotal cost of ownership by providing a single point of maintenance - a unique feature thatpoint solutions and non-integrated EPM suites cannot match.

Oracle | Hyperion Disclosure Management Screen Shot:

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For a full listing of software tools provided by XBRL International and other sources forinstance document creation, taxonomy creation and XBRL Validation, see the TableXBRL Software Tools at the end of this document.

Summary and Next Steps

In summary, XBRL provides many benefits to an organization in the preparation,analysis and communication of business information. It also offers opportunities for costsavings, greater efficiency and improved accuracy and reliability in the use of businessand financial data.

For those organizations wishing to explore XBRL further, here are the suggested nextsteps:

Investigate your performance management, financial and ERP software applicationsto find out if they support XBRL.

Contact those software application vendors to see what their plans are for futureversions regarding XBRL support.

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Solicit input and survey internal business processes in order to identify potentialbusiness reporting areas that may benefit from XBRL.

Solicit input and survey external processes and key partners requirements.

Consider pilot programs for XBRL enabling key internal processes.

Keep up to date on the latest XBRL developments.

TGGs Project Methodology - The Solution Workbench - contains templates and tools toaddress our clients XBRL requirements.

To learn more about XBRL, and how TGG can help you meet your XBRL needs, contactDean Wilson at [email protected].

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XBRL Software Tools

InstanceDocument

Creation

TaxonomyCreation

XBRLValidation

Oracle | Hyperion Notes

Allocation Solutions -DataXchangerallocationsolutions.com

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Altova - MissionKitaltova.com

Supports Oracle DB

CaseWare International -Working Paperscaseware.com

Directly import fromaccounting and trial

balance packages and

ASCII files.Clarity FSRclaritysystems.com

Ability to pull data from awide variety of data

sources including: ERPsystems, financial

consolidation applications,relational databases, and

OLAP databases

CompSci Resources, -Interactive Converter,Forms and Analysis

compsciresources.com

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CoreFiling Seahorse,SpiderMonkey,Touchstone, True North,Yeticorefiling.com

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DynAccSys - Xabra Toolsxabratools.com

Supports data frommultiple sources - primary

enterprise systems,databases or spreadsheets.

Ez-XBRL

ez-xbrl.com

Supports multiple input

formats (including Word,Excel, PDF, HTML andASCII)

Fujitsu (InterstageXWand)fujitsu.com

Can be used with othercommon databases and

Systems.

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Hitachi Systems andServices (XiRUTE)

hitachi-system.co.jp/xirute/e/

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Microsoft - FRxwww.microsoft.com/dyna

mics/en/us/products/frx.as

px

Compatible with varioussystems and databases.

NeoClarus - suite ofapplicationsneoclarus.com

Oracle is a TechnologyPartner. Extracts financial

data from any source(Oracle, SAP, Excel)

Oracle | HyperionDisclosure Managementoracle.com/us/solutions/e

nt-performance-bi/051190.html

Fully compatible withOracle | Hyperion EPM

Reporting Standard S.L. -XBRL Toolsreportingstandard.com

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Rivet Software Crossfirerivetsoftware.com

Supports information fromInteractive Data filings,

ERP systems, datawarehouses, and

traditional financial datafeeds

Savanet - Product Suite oftools (Reader, Analyst,Intaglio)savanet.net

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Semansys Technologies suite of solutions(xbrlOne, XBRL Reporter,Taxonomy Viewer)semansys.com

Can be used with variousbusiness systems.

Trintech - Unity XFRtrintech.com

Ability to import financialstatement data from an

external system of record

Snappy Reportssnappyreports.com

Excel, HTML or datafrom an accounting or

financial system.

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XBRL Cloud (FormerlyCoyote Reporting) -

XBRL Cloudxbrlcloud.com

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UBmatrix - ProcessingEngine, EnterpriseApplication Suite,Database Adaptor, ReportBuilder, TaxonomyDesignerubmatrix.com

Fully compatible withOracle | Hyperion EPM

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Additional Resources

What is XBRL?, http://www.xbrl.ca/index.php?option=com_content&view=article&id=50&Itemid=57&lang=en2 XML 1.0 Origin and Goals. http://www.w3.org/TR/REC-xml/#sec-origin-goals.3 XML Recommendation, at http://www.w3.org/TR/1998/REC-xml-19980210.4 Inline XBRL Approved as a Recommendation by XBRL International, athttp://xbrl.us/News/Pages/archive/20100527update.aspx#d1.5 Whos filing with SEC now?, http://www.tryxbrl.com/Learn/XBRLFAQ/tabid/56/Default.aspx6 Canadas securities regulators launch eXtensible Business Reporting Language (XBRL) voluntary filing program,http://www.osc.gov.on.ca/Media/ NewsReleases/2007/nr_20070119_csa-xbrl-launch.jsp7 XBRL in Canada's Capital Markets, David Wilson, Chair, Ontario Securities Commission, 2007.8 Corporate Backgrounder, UBmatrix, Inc.

tgg xbrl white paper - 20101014.2

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