Software AG, Rivet Software partner on solution to let execs create business reporting documents out of Office suite
Denver, CO March 31, 2005 Solution providers Software AG and Rivet Software are partnering to offer what they say is the first complete extensible business reporting language (XBRL) solution for implementing a business reporting supply chain.
The two providers say that Software AG's Digital Reporting Platform (DRP) and Rivet's Dragon Tag enables financial professionals to create XBRL financial statements on their own, eliminating back office overhead.
As a result of the partnership, users of Software AG's DRP will be able to create XBRL documents based on information that exists within Microsoft Word and Microsoft Excel via Rivet's Dragon Tag. Users can markup, review, validate and export XBRL documents.
Increased Transparency, Easier Compliance
Reported information in XBRL format can be exchanged, extracted and compared without human intervention, providing for faster, more efficient financial reporting chains, with increased transparency and data accuracy and decreased costs related to data re-keying, Software AG and Rivet said.
This lets organizations more quickly respond to and adopt XBRL financial reporting in response to increasing regulatory requirements such as Sarbanes-Oxley and Basel II compliancy, according to the enablers.
Used by regulators, stock exchanges, statistical offices, banks and corporations across the world, XBRL is a standard for defining, exchanging and storing financial business information. Many regulators will be introducing mandatory filing of financial statements in XBRL, including the Belgium tax authorities in 2006 and the U.K. and Dutch tax authorities by 2007.
Other regulators such as the U.S. Securities and Exchange Commission (SEC) will begin accepting voluntary filing of XBRL documents in April 2005.
Leveraging Office Suite
"Software AG's Digital Reporting Platform is a framework solution that hides the complexities of XBRL," said Christian Barrios Marchant, a member of the executive board of Software AG and senior vice-president for South Europe and Latin America at the company. "Our partnership with Rivet Software allows Rivet's Dragon Tag application to provide accounting and finance professionals an easy way to turn existing Microsoft Office-based financial information into XBRL."
"Rivet's new partnership with Software AG enables organizations to more quickly and cost effectively adopt and comply with emerging XBRL global reporting standards," said Mike Rohan, president of Rivet Software.
Both Software AG and Rivet Software are members of XBRL International, an international nonprofit consortium of more than 250 companies, organizations and government agencies responsible for developing and maintaining XBRL and promoting its global adoption.
Denver, CO March 31, 2005 Solution providers Software AG and Rivet Software are partnering to offer what they say is the first complete extensible business reporting language (XBRL) solution for implementing a business reporting supply chain.
The two providers say that Software AG's Digital Reporting Platform (DRP) and Rivet's Dragon Tag enables financial professionals to create XBRL financial statements on their own, eliminating back office overhead.
As a result of the partnership, users of Software AG's DRP will be able to create XBRL documents based on information that exists within Microsoft Word and Microsoft Excel via Rivet's Dragon Tag. Users can markup, review, validate and export XBRL documents.
Increased Transparency, Easier Compliance
Reported information in XBRL format can be exchanged, extracted and compared without human intervention, providing for faster, more efficient financial reporting chains, with increased transparency and data accuracy and decreased costs related to data re-keying, Software AG and Rivet said.
This lets organizations more quickly respond to and adopt XBRL financial reporting in response to increasing regulatory requirements such as Sarbanes-Oxley and Basel II compliancy, according to the enablers.
Used by regulators, stock exchanges, statistical offices, banks and corporations across the world, XBRL is a standard for defining, exchanging and storing financial business information. Many regulators will be introducing mandatory filing of financial statements in XBRL, including the Belgium tax authorities in 2006 and the U.K. and Dutch tax authorities by 2007.
Other regulators such as the U.S. Securities and Exchange Commission (SEC) will begin accepting voluntary filing of XBRL documents in April 2005.
Leveraging Office Suite
"Software AG's Digital Reporting Platform is a framework solution that hides the complexities of XBRL," said Christian Barrios Marchant, a member of the executive board of Software AG and senior vice-president for South Europe and Latin America at the company. "Our partnership with Rivet Software allows Rivet's Dragon Tag application to provide accounting and finance professionals an easy way to turn existing Microsoft Office-based financial information into XBRL."
"Rivet's new partnership with Software AG enables organizations to more quickly and cost effectively adopt and comply with emerging XBRL global reporting standards," said Mike Rohan, president of Rivet Software.
Both Software AG and Rivet Software are members of XBRL International, an international nonprofit consortium of more than 250 companies, organizations and government agencies responsible for developing and maintaining XBRL and promoting its global adoption.
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