Oracle Press Release

Oracle Introduces Oracle® Hyperion Financial Close Management and Oracle Hyperion Disclosure Management to Improve Timeliness and Confidence in Financial Reporting

New Applications to Streamline Extended Financial Close and Reporting Processes, Support XBRL-based Filings

Redwood Shores, CA - April 7, 2010

News Facts

To help organizations improve the accuracy and speed of financial close and reporting, Oracle today introduced Oracle® Hyperion Disclosure Management and Oracle Hyperion Financial Close Management.
The new applications extend the capabilities of the Oracle Enterprise Performance Management (EPM) System to address the end-to-end financial close process and the creation of regulatory filings using eXtensible Business Reporting Language (XBRL).
Oracle Hyperion Disclosure Management and Oracle Hyperion Financial Close Management work in conjunction with other Oracle EPM applications such as Hyperion Financial Management or can be deployed directly with ERP General Ledger systems.
These new applications are available with Oracle EPM System Release 11.1.2, also announced today (read today’s related news release).

Streamline Extended Financial Close with Hyperion Financial Close Management

Oracle Hyperion Financial Close Management helps organizations streamline the financial close process through centralized task management so that manually maintained checklists related to period-end close are replaced with action-oriented dashboards that deliver visibility and predictable execution.
The new application supports the end-to-end monitoring and management of all financial close cycle tasks related to ledger and subledger close, data loading and mapping, financial consolidation, creation and filing of statutory reports, tax/treasury activities, and more. These tasks at most organizations span multiple business units or divisions, geographic locations, systems and participants.
Oracle Hyperion Financial Close Management leverages Oracle Fusion Middleware technology to enable Web services-based integration with EPM, ERP and other systems involved in the close process. These automated tasks can be combined with manual tasks for centralized tracking and status reporting.
Organizations will benefit from Oracle Hyperion Financial Close Management by achieving:
Automation of complex close cycle events;
Improved visibility and predictability in the financial close process through fine-grained tracking and accountability; and
Continuous improvement to the close process.

Integrated XBRL Capabilities Improve Accuracy and Speed of Financial Filings

Oracle Hyperion Disclosure Management helps companies ensure the completeness and accuracy of external and statutory financial reports, and their transformation into specifically stylized statutory filings using XBRL.
In 2008, the United States Securities and Exchange Commission (SEC) mandated that public companies provide their financial statements to the Commission and on their corporate Web sites in XBRL.
Companies with a valuation of $5 billion-plus were first to comply beginning in June 2009 to be followed by other domestic and foreign large accelerated filers using U.S. GAAP (Generally Accepted Accounting Practices) in June 2010. Also coming into effect in June 2010 is a new and more stringent detailed tagging requirement.
Oracle Hyperion Disclosure Management features include:
Extensive, built-in XBRL reporting capabilities (based on UBmatrix technology) spanning enterprise XBRL mapping at the document level or using source meta data, taxonomy viewing and extension, and instance document validation, generation and viewing; and
Leveraging Microsoft Word for a simple end-user experience in the creation and management of financial reports and documents.
Output from Oracle Hyperion Disclosure Management supports various regulatory authorities including the SEC (U.S. GAAP) with full support for the new detailed tagging requirement, as well as European and Asian exchanges (IFRS – International Financial Reporting Standard).
Oracle Hyperion Disclosure Management will help organizations to:
Simplify the financial disclosure process;
Improve the accuracy and timeliness of financial filings with reduced dependency on expensive outsourced services; and,
Comply with regulatory requirements such as the SEC XBRL mandate.

Supporting Quotes

”With the addition of Oracle Hyperion Financial Close Management and Oracle Hyperion Disclosure Management, the Oracle EPM System offers the most complete solution for the end-to-end financial close and reporting process spanning data integration, data quality assurance and financial consolidation, to external/statutory and internal financial reporting, to overall financial close management," said Robert Gersten, senior vice president, Oracle Development.
“With increased pressure on the delivery of timely, accurate financial results our customers are looking for software tools that can help them manage and improve the quarterly close and filing processes,” said Timothy J. Halk, Managing Partner of CheckPoint Consulting. “The new financial close and disclosure management applications from Oracle are clearly focused on helping organizations reduce the time and effort that is spent on these activities, while improving the accuracy of their financial reporting.”
“With the SEC’s XBRL mandate looming, many of our customers are looking for software tools that can automate the XBRL tagging and filing process,” said Chris Barbieri, EPM Practice Manager at Ranzal and Associates. “The new Oracle Hyperion Financial Disclosure Management application is an attractive option for Oracle customers because it leverages their existing EPM applications, and is designed to support a broad range of reporting and filing requirements.”
“By incorporating the UBmatrix XBRL Processing EngineTM into its innovative disclosure management application, Oracle will provide their customers with both the control and confidence to bring their financial filings in house,” said Sunir Kapoor, CEO of UBmatrix. “Customers who need to meet the growing number of XBRL compliance mandates globally will benefit from UBmatrix’s proven XBRL technology in use by regulators and filers across the world and its tight integration into Oracle’s EPM suite.”

Supporting Resources

Press Release: Oracle and UBmatrix
Download free, evaluation versions of Oracle Hyperion software. Terms, conditions and restrictions apply.

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