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Bring XBRL Filing In-House to Save Costs and Increase Accuracy

Until now, many organizations have relied on expensive, third-party providers to meet increasingly stringent United States Security and Exchange Commission (SEC) guidelines for XBRL filing.

But now, new solutions such as Oracle Hyperion Disclosure Management enable companies to bring these processes in-house to increase accuracy and lower costs.

"With an XBRL tagging solution integrated with the financial close and reporting processes, organizations can achieve fast and reliable XBRL report submission—without relying on third-party providers," says John O’Rourke, vice president of Product Marketing.

A new white paper titled "Integrating XBRL into Your Financial Reporting Processes” helps breaks down the process of bringing XBRL reporting in-house into small, achievable steps.

Successful Implementations
Oracle was one of the first companies to submit financial results to the SEC via XRBL. Now, after using a third-party tool, Oracle is using its own Oracle Hyperion Disclosure Management solution to submit complete quarterly submissions to the SEC using Level 1 to Level 4 XBRL tagging.

According to Jugnu Bhatia, Oracle’s director of external reporting, “Oracle Hyperion Disclosure Management enables faster turnaround, since multiple users can work on documents at the same time, thanks to the Doclets feature. And the Oracle solution allows for tagging before final numbers are complete, which speeds submission and allows more time to review submissions to ensure adherence to SEC rules.”

International shipping transportation company StealthGas also selected Oracle Hyperion Disclosure Management and Oracle Hyperion Financial Management because they enable in-house development and submission of XBRL-tagged filings to the SEC.

“Oracle Hyperion Disclosure Management was far ahead of the competition in terms of functionality and ease of use. Our accountants—with no technical knowledge—adopted it very quickly and with minimal training,” said Nina Pyndiah, internal auditor, StealthGas Inc.

About Oracle Hyperion Disclosure Management and Oracle XBRL Extension
Oracle Hyperion Disclosure Management is a regulatory filing and XBRL tagging solution that enables organizations to
  • Author regulatory filings in Microsoft Office, and “hot link” them directly to financial reporting systems so they can be easily updated in future reporting periods
  • Graphically perform XBRL tagging at several levels—within Microsoft Office, within enterprise performance management system reports, or in the datasource metadata
  • Modify or extend XBRL taxonomies before the mapping process, as well as set up multiple taxonomies
  • Create and validate final XBRL instance documents before submission
For organizations focused on the consumption of XBRL-based information, the XBRL Extension feature leverages Oracle Database 11g Release 2 to collect, store, query, analyze, and manage XBRL content. It supports end-to-end processing and validation of XBRL content on the way into and out of Oracle Database.

In addition, the extension integrates easily with Oracle Business Intelligence Suite, Enterprise Edition to provide analytics, plus interactive development environments and design tools for creating and editing XBRL taxonomies.

Learn more about Oracle Hyperion Disclosure Management and the XBRL Extension feature.

Read the new white paper: “Integrating XBRL into Your Financial Reporting Processes.”

See a demonstration of Oracle Hyperion Disclosure Management.
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