Printer Friendly

Fujitsu Introduces Financial Reporting Software; Users Easily Create XBRL-Formatted Financial Data for FSA EDINET System.

Tokyo, Japan, Mar 11, 2008 - (JCN Newswire) - Fujitsu Limited today announced its XWand(R) Tool for EDINET[1], a new software tool for generating XBRL-formatted[2] financial reporting data that will be required for the Japan Financial Services Agency's (FSA) EDINET system beginning with the 2008 fiscal year. Sales of the new software tool will begin May 1, 2008.

With this automated tool, no advanced knowledge of XBRL will be necessary to produce XBRL-formatted financial reports and submit the reports on the EDINET system.

Fujitsu has been a global leader in promoting XBRL standardization. This new product, which reflects the latest technical specifications, leverages the company's know-how and worldwide experience in fostering XBRL-related business.

Growing Use of XBRL

Over the past few years, XBRL has emerged as an international standard computer language for generating, distributing, and utilizing financial information. In Japan, in accordance with the Financial Instruments and Exchange Law, the FSA is mandating the submission of XBRL-formatted reports to EDINET beginning with the 2008 fiscal year, and also announced on February 8, 2008 its EDINET Taxonomy[3], a pattern for XBRL formatting that is suited to the FSA's disclosure requirements and regulations. As a result, there is an urgent need on the part of publicly listed corporations to prepare themselves for these XBRL requirements.

The use of XBRL promises to lower the cost of handling financial information for companies, auditors, regulatory authorities, analysts, investors, and information services, while ensuring that accurate information is available quickly and in a usable form.

Fujitsu's XBRL Initiatives

As a global leader in advancing XBRL standardization, Fujitsu has been involved in the XBRL Consortium, the XBRL standards-setting body, since its inception. In 2003, Fujitsu introduced Interstage XWand, middleware that handles XBRL data. The product is now being sold in over 20 countries.

Taking advantage of the know-how it accumulated with Interstage XWand, Fujitsu successfully developed the XWand Tool for EDINET, with the aim to support specific functions required by EDINET, such as the easy report-generation function. This software complies with EDINET Taxonomy and users can readily submit XBRL data to other systems as well.

Fujitsu will also offer, on a global basis, an extensive line of XBRL-related products and services designed for financial auditors, insurers, financial database providers, analysts, and investors.

Overview of the XWand Tool for EDINET

Key Functions

The product provides functions for creating EDINET-compliant per-company taxonomies and report instances[4]. Users can readily create all types of financial reporting data in an EDINET-compliant XBRL format, such as balance sheets, income statements, statements of change in shareholders' equity, and cash flow statements. In addition, the software can generate HTML previews of the financial reports.

Product Features

- Easy creation of financial reports meeting latest EDINET specifications

The software automatically guides its users to follow FSA guidelines, allowing users without advanced knowledge of XBRL to create EDINET-compliant financial reports easily. In addition, building on Fujitsu's know-how in promoting XBRL standardization, this product was designed to support the creation of document information compatible with document information taxonomy and display information files even before these two specifications were fully developed. The specifications were finalized after the EDINET pilot program, an XBRL system trial program that took place July-August, 2007. Fujitsu promises timely implementation of the very latest EDINET specifications into its products.

- User-friendly data entry screens and wizards

Since data entry screens are tailored to resemble actual financial statements, data entry is straightforward and users can create EDINET-compliant financial reports easily. Moreover, with the help of various wizards, even complicated tasks, such as the creation of per-company taxonomies, can be done easily. It is also possible to copy and paste data to and from spreadsheets.

- Visual verification prior to submission

An HTML version of financial reports can be generated using this software. This function will allow users to visually verify the financial reports before submitting them online to EDINET.

Pricing & Shipment
------------------------------------------------------------------------
Product XWand(R) Tool For EDINET XWand(R) Tool For EDINET
 (1 client) (3 clients)
------------------------------------------------------------------------
Price(excl tax) JPY 278,000 per year JPY 678,000 per year
------------------------------------------------------------------------
Supported OS Windows Vista Ultimate
 Windows Vista Enterprise
 Windows Vista Business
 Windows XP Professional(SP2+)
------------------------------------------------------------------------
Shipment date May 1, 2008 May 1, 2008
------------------------------------------------------------------------
This product will be available through authorized distributors.


Sales Target

30 billion yen in sales from all XBRL-related business over a three-year period.

For more information, please visit the International XBRL website, http://www.xbrl.org/Home/

and the XBRL Japan website (Japanese only), http://www.xbrl-jp.org/

[1] EDINET: Electronic Disclosure for Investors' Network. An electronic system for disclosure of information on publicly listed corporations in accordance with the Financial Instruments and Exchange Law.

[2] XBRL: Extensible Business Reporting Language. A standardized international computer language for generating, distributing, and using various types of financial reporting information.

[3] Taxonomy: A pattern that systematically defines the display order, character string display, calculation process and other aspects of accounting information.

[4] Instance: A document for submission created based on a specific taxonomy.

About Fujitsu Ltd

Fujitsu Limited (TSE: 6702; ADR: FJTSY) is a leading provider of customer-focused IT and communications solutions for the global marketplace. Pace-setting device technologies, highly reliable computing and communications products, and a worldwide corps of systems and services experts uniquely position Fujitsu to deliver comprehensive solutions that open up infinite possibilities for its customers' success. Headquartered in Tokyo, Fujitsu reported consolidated revenues of 5.1 trillion yen (US$43.2 billion) for the fiscal year ended March 31, 2007. For more information, please visit www.fujitsu.com .

Source: Fujitsu Ltd

Contact:
Fujitsu Limited
Public and Investor Relations
http://www.fujitsu.com/global/news/contacts/


Japan Corporate News Network. All rights reserved.
COPYRIGHT 2008 Japan Corporate News Network K.K.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2008 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:JCN Newswires
Article Type:Company overview
Date:Mar 11, 2008
Words:939
Previous Article:Refreshed Mazda RX-8 on Sale in Japan.
Next Article:Honda to Strengthen Mini-vehicle Business; Yachiyo Industry Co., Ltd. to Build a New Auto Plant.
Topics:


Related Articles
Finally, business talks the same language.
XBRL: Make Its Power Your Own.
XBRL: a technology standard to reduce time, cut costs, and enable better analysis for tax preparers.
XBRL: The teenage years. (New Technologies).
NASDAQ Stock Exchange announces use of XBRL for financial reports. (technology).
Talk to me: XBRL makes business, financial reporting easier. (2003 Technology & Business Resource Guide: Digital Age).
XBRL.
Fujitsu Completes Financial Services Agency's New EDINET System; New System Supporting XBRL-formatted Financial Reporting Begins Operations Today.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters