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Latest XBRL Taxonomy: Oracle Applications Are Ready—Are You?

The U.S. Securities and Exchange Commission (SEC) has adopted the new 2012 U.S. GAAP Financial Reporting Taxonomy used for creating and submitting financial reports using eXtensible Business Reporting Language (XBRL).

Oracle Hyperion Disclosure Management supports the latest taxonomy, so finance managers can easily comply with the latest filing requirements.

The taxonomy is a list of computer-readable tags in XBRL that allows companies to annotate the voluminous financial data that is included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, journalists, and regulators.

Oracle Hyperion Financial Management, used for consolidating financial results, is not required in order to generate XBRL. Instead, Oracle Hyperion Disclosure Management can be used to generate XBRL instance documents from applications such as Oracle Fusion General Ledger and the financial solutions in Oracle E-Business Suite, Oracle’s PeopleSoft, and Oracle’s JD Edwards EnterpriseOne applications.

To generate XBRL tags and complete SEC filings, finance managers should integrate their existing financial applications with Oracle Hyperion Disclosure Management and complete the following steps.
  1. Download the XBRL taxonomy from the SEC or XBRL Website into Hyperion Disclosure Management to create a company taxonomy.
  2. Publish financial statements from the general ledger to Microsoft Excel or Microsoft Word.
  3. Create the SEC filing in the Microsoft programs and perform the XBRL tag mapping in Oracle Hyperion Disclosure Management.
  4. Ensure that the SEC filing meets XBRL and SEC EDGAR Filer Manual validation requirements.
  5. Validate and submit the company taxonomy and XBRL instance document to the SEC.
Get more details about Oracle Hyperion Disclosure Management.

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