Lawson Software, the Enterprise behind the Internet, has announced that it has joined the international eXtensible Business Reporting Language (XBRL) Project Committee to help develop XBRL standards.
Formerly code-named XFRML, XBRL is a free, new XML-based specification that uses accepted financial reporting standards and practices to exchange financial reports across all software and technologies, including the Internet. The thirty-plus members of the XBRL project committee represent worldwide financial, accounting, software and governmental entities from the U.S., Australia, UK, Canada and Germany.
"As XML plays a fundamental role in e-business as the transaction communicator, Lawson software, a leader in providing enterprise e-Business solutions and services, fully supports the development of a language platform for use in financial reporting and management," comments van Cliff van Tonder, country manager for Lawson Software Africa. "As an integration e-business solution provider Lawson is dedicated to the furthering of language technologies for the purpose of simpler understanding and integration."
Lawson Software joins more than 30 companies and organisations on the XBRL Project Committee. Participants include the American Institute of Certified Public Accountants; Arthur Andersen, LLP; Best Software; CaseWare International; Canadian Institute of Chartered Accountants; Cohen Computer Consulting; Crowe, Chizek and Company, LLP; Deloitte & Touche, LLP; e-content, a division of Interleaf, Inc.; EDGAR Online, Inc.; Epicor Software Corporation; Ernst & Young, LLP; FRx Software Corporation; Great Plains; Hyperion; International Accounting Standards Committee; IBM; Institute of Chartered Accountants in Australia; Institute of Chartered Accountants in England, Wales; Institute of Management Accountants; KPMG, LLP; Microsoft Corporation; Morgan Stanley Dean Witter; Navision Software; Oracle Corporation; PPA GmbH; PricewaterhouseCoopers, LLP; Reuters Group LP; Sage Software; SAP AG; Standard & Poor`s; Texsys RD and The Woodburn Group.
XBRL for financial statements, developed by the committee as the first product in a future family of XBRL-based products, currently is under review for comments by the Big Five and independent accounting firms and is anticipated to reach the market in July 2000 as adopted standards in new and existing software packages. XBRL streamlines the financial information supply chain that includes public and private companies, accounting professionals, data aggregators, the investment community and all other users of financial statements.
XBRL offers several key benefits such as technology independence, full interoperability, efficient preparation of financial statements and reliable extraction of financial information. Based upon standardised, underlying data tags, XBRL does not require a company to disclose any additional information beyond that which they normally disclose. The current financial statements Information is entered only once, allowing that same information to be rendered in any form, such as a printed financial statement, an HTML document for a company`s Web site, an EDGAR filing document with the SEC, a raw XML file or other specialised reporting formats such as credit reports or loan documents.
"The new language will fall on top of existing accounting standards, to be used for the interchange of information," explains van Tonder. He adds that more than 80 percent of major U.S. public companies provide some type of financial disclosure on the Internet, emphasising that prompt delivery of accurate and financial information over the Internet is vital to Investors and other Internet users to help them make informed financial decisions. "XBRL meets these needs and is particularly important in delivering financial information via the Internet, including on a company`s Web site. XBRL leverages the efficiencies of the Internet as today`s primary source of financial information by making Web browser searches more accurate and relevant for all users of financial information."
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Lawson Software
Lawson Software, the Enterprise behind the Internet, is a $270 million provider of integrated e-business solutions powering enterprises and e-services.
Lawson offers role-based Self-Evident Applications (SEA), transaction engines and solution extensions powering financials, human resources, procurement, distribution and analytics solutions. With 3,000 mid- to large-sized corporate customers, Lawson has distinguished itself competitively through a unique blend of feature-rich customer solutions, technology innovation and user-friendly support.
IDC states that Lawson is primed for the next generation of enterprise-applications utility. According to the Aberdeen Group Lawson`s commitment to Internet application standards and the delivery of e-business-enabling enterprise applications should propel it to the forefront of this market space. Red Herring magazine lists Lawson among the world`s top 50 private companies.
Offering enterprise e-business solutions for UNIX, Windows 2000/NT, and IBM AS/400 and S/390 platfoms, Lawson has 30 offices and affiliates serving North and South America, Europe, Asia and Africa. The company is headquartered in St. Paul, Minnesota. and London.
Additional information about Lawson Software is available on the company`s Web site, http://www.lawson.com.