Fujitsu Introduces Financial Reporting Software
Allows users to easily create XBRL-formatted financial data for Financial Services Agency’s EDINET System
Tokyo, March 2008 — Fujitsu Limited today announced its XWand® Tool for EDINET(1), a new software tool for generating XBRL-formatted(2) financial reporting data that will be required for the Japan Financial Services Agency’s (FSA) EDINET system beginning with the 2008 fiscal year. Sales of the new software tool will begin May 1, 2008.
With this automated tool, no advanced knowledge of XBRL will be necessary to produce XBRL-formatted financial reports and submit the reports on the EDINET system.
Fujitsu has been a global leader in promoting XBRL standardization. This new product, which reflects the latest technical specifications, leverages the company’s know-how and worldwide experience in fostering XBRL-related business.
Growing Use of XBRL
Over the past few years, XBRL has emerged as an international standard computer language for generating, distributing, and utilizing financial information. In Japan, in accordance with the Financial Instruments and Exchange Law, the FSA is mandating the submission of XBRL-formatted reports to EDINET beginning with the 2008 fiscal year, and also announced on February 8, 2008 its EDINET Taxonomy(3), a pattern for XBRL formatting that is suited to the FSA’s disclosure requirements and regulations. As a result, there is an urgent need on the part of publicly listed corporations to prepare themselves for these XBRL requirements.
The use of XBRL promises to lower the cost of handling financial information for companies, auditors, regulatory authorities, analysts, investors, and information services, while ensuring that accurate information is available quickly and in a usable form.
Fujitsu’s XBRL Initiatives
As a global leader in advancing XBRL standardization, Fujitsu has been involved in the XBRL Consortium, the XBRL standards-setting body, since its inception. In 2003, Fujitsu introduced Interstage XWand, middleware that handles XBRL data. The product is now being sold in over 20 countries.
Taking advantage of the know-how it accumulated with Interstage XWand, Fujitsu successfully developed the XWand® Tool for EDINET, with the aim to support specific functions required by EDINET, such as the easy report-generation function. This software complies with EDINET Taxonomy and users can readily submit XBRL data to other systems as well.
Fujitsu will also offer, on a global basis, an extensive line of XBRL-related products and services designed for financial auditors, insurers, financial database providers, analysts, and investors.
Overview of the XWand® Tool for EDINET
The product provides functions for creating EDINET-compliant per-company taxonomies and report instances(4). Users can readily create all types of financial reporting data in an EDINET-compliant XBRL format, such as balance sheets, income statements, statements of change in shareholders’ equity, and cash flow statements. In addition, the software can generate HTML previews of the financial reports.
1. Easy creation of financial reports meeting latest EDINET specifications
The software automatically guides its users to follow FSA guidelines, allowing users without advanced knowledge of XBRL to create EDINET-compliant financial reports easily. In addition, building on Fujitsu’s know-how in promoting XBRL standardization, this product was designed to support the creation of document information compatible with document information taxonomy and display information files even before these two specifications were fully developed. The specifications were finalized after the EDINET pilot program, an XBRL system trial program that took place July-August, 2007. Fujitsu promises timely implementation of the very latest EDINET specifications into its products.
2. User-friendly data entry screens and wizards
Since data entry screens are tailored to resemble actual financial statements, data entry is straightforward and users can create EDINET-compliant financial reports easily. Moreover, with the help of various wizards, even complicated tasks, such as the creation of per-company taxonomies, can be done easily. It is also possible to copy and paste data to and from spreadsheets.
3. Visual verification prior to submission
An HTML version of financial reports can be generated using this software. This function will allow users to visually verify the financial reports before submitting them online to EDINET.
“XBRL” is a registered trademark of XBRL International. All other company or product names mentioned herein are trademarks or registered trademarks of their respective owners. Information provided in this press release is accurate at time of publication and is subject to change without advance notice.
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