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April 1st, 2009
LUCCA, Italy - The Extensible Business Reporting Language (XBRL) a Reporting Standard Embraced by the Securities and Exchange Commission (SEC and Other Regulatory Bodies Around the World.)
Tagetik, a global provider of Performance Management and Financial Governance software solutions, enabling companies to create financial reports according to the extensible Business Reporting Language standard. XBRL, defined by the SEC as the 21st Century Disclosure Initiative, a new system for financial reporting “accessible and easier to use, dynamic and organized around core company information”, it is an open standard that guarantees a transparent innovative and effective financial communication. XBRL was conceived in 1998 by an accountant who developed this international open standard looking for an efficient and secure method to transfer to the website of the company financial information included in the electronic accounting system.
“Today more than ever, Tagetik supports the CFOs and CIOs in simplifying the complexity of business processes,” comments Manuel Vellutini, Chief Operating Officer of Tagetik. “Companies are facing a new performance challenge to bring immediate benefits by raising the level of accuracy, detail and standardization of financial reporting.”
Tagetik’s solution for Performance Management and Financial Governance can help companies respond to the needs dictated by international and local regulations. XBRL provides an identifying tag for each item of financial data, while normally the financial information is treated as a block of text, exactly as in a standard Internet page or a printed document. To prepare a report in XBRL with Tagetik is easy and allows users to create sophisticated financial reporting, improve internal controls for external reporting, reduce costs, time and complexity, increase accuracy and timeliness of data.
“Tagetik offers a unified Performance Management and Financial Governance Solution that supports XBRL standards, enabling companies to manage effectively their ” last mile of finance ” and data consolidation. With XBRL technology, Tagetik completes the standardization and publication process,” concludes Vellutini. “Standardization is invaluable in Finance, with significant benefits in analysis and communication of business information, reducing the cost and complexity of financial statement filing, along with an increase in accuracy and timeliness of the data, and improved accuracy and reliability to all those involved in supplying or using financial data.”
XBRL stands for eXtensible Business Reporting Language
Further Information www.tagetik.com
Debora Orrico di Russo, Tel: +39-348-5635975, email: Deboraorrico@int.tagetik.com
Source: Tagetik Software SRL
Debora Orrico di Russo, Tel: +39-348-5635975, email: Deboraorrico at int.tagetik.com
Filed under Banking and Financial Services, Business, Corporate Social Responsibility, Government and Policy, New Products / Services | Tags: Europe, Italy, Lucca, Tagetik Software SRL | Comment Below
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