XBRL.Rivet Software, a provider of financial integrity management solutions, has released the new Dragon Tag[TM] XBRL (EXtensible Business Reporting Language) A specification for publishing financial information in the XML format. It is designed to provide a standard set of XML tags for exchanging accounting information and financial statements between companies and analysts. (eXtensible Business Reporting Language) enabler, which Rivet calls "the first easy-to-use Microsoft Office-based solution that takes the complexity out of converting financial statements to industry-standard XBRL documents." As a growing number of governments, regulators and entities, such as the Securities and Exchange Commission (SEC) and the U.K.'s Inland Revenue and Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. drive the adoption of XBRL, the vast majority of finance professionals are searching for help in creating XBRL reports. Dragon Tag was designed to shield accounting and finance professionals from the enormouse complexity of the XBRL standard, and to make document tagging as easy as using Microsoft Excel or Word. "Having the ability to create an XBRL document along with any necessary company taxonomy extensions all within Microsoft Office, Rivet's Dragon Tag marks the next generation of user-friendly XBRL software," said Paul Penler, chair of XBRL U.S. Dragon Tag complies with the latest version of the XBRL Specification (2.1), which enables companies to prepare, publish (in a variety of formats), exchange and analyze financial statements and the information contained therein. Dragon Tag leverages the power of Microsoft Word and Excel, allowing financial professionals to work comfortably with XBRL within their familiar products. Commenting on integrating Dragon Tag, Michael Ohata, director of Business Reporting for Microsoft, said, "Finance professionals rely on Word and Excel to store and publish large amounts of information, and Dragon Tag helps take this information to a new level." Dragon Tag provides the following benefits to help organizations lower adoption hurdles related to XBRL. It: * Supports the latest XBRL industry standard taxonomies such as U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). (generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ) and IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System (International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). ); * Integrates extension taxonomy functionality, allowing users to "customize" an industry taxonomy specific to their reporting needs; * Has "drag and drop A graphical user interface (GUI) capability that lets you perform operations by moving the icon of an object with the mouse into another window or onto another icon. For example, files can be copied or moved by dragging them from one folder to another. " simplicity that allows user to quickly associate XBRL information to existing data; * Contains review and validation features to help ensure accuracy prior to creating XBRL documents; and * Allows companies involved with XBRL regulatory filing initiatives, such as the SEC's XBRL Voluntary Financial Reporting Program under the EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. System, to quickly comply with both voluntary and mandated XBRL reporting standards. The final release of Dragon Tag is available for purchase in January. Pricing is expected to be $299 per client license. Volume, site license and academic discounts are available. A free beta version of Dragon Tag is available now at www.rivetsoftware.com. |
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