Digital Financial Reporting

In a press release today, Oracle announced that their Enterprise Performance Management (EPM) System will support XBRL with help from UBmatrix.  An excerpt from the press release states:

To help publicly held companies facilitate the preparation, publishing and automatic exchange of financial statements in XBRL (eXtensible Business Reporting Language), Oracle will embed UBmatrix, Inc.’s leading XBRL technology into Oracle's Enterprise Performance Management (EPM) System, Oracle announced today.

You can read the press release yourself. Here is a link to information on what SAP is doing with XBRL. Not to leave out the company I work for, UBmatrix who is providing XBRL components for both SAP and Oracle, see here for more info.

In a related story, Investor's Business Daily says:

Today, most software companies — including UBmatrix, Germany's SAP (SAP), Microsoft (MSFT) and Oracle (ORCL) — are starting to create XBRL software to help companies send financial data over the Web.

I would probably add IBM to the list of companies who are creating XBRL software to help companies send financial (and other businessdata) over the Web.  IBM is pushing XBRL as a standard for risk reporting as you can see from this Web page and this Web page.  They are probably moving slowly but deliberately as they figure out how to best integrate XBRL into their offerings.

(If anyone knows specifically what IBM and Microsoft are doing, love to hear know that, maybe you could post a comment on this blog.)