Oracle Enhances XBRL Reporting Capabilities with UBmatrix, Inc.

Oracle posted a press release about their involvement and commitment for UBMatrix XBRL technologies last Wednesday saying (among others):

“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.”

“Oracle and UBmatrix are also working together to provide enterprise class storage and management for XBRL-based information in Oracle® Database 11g. Using Oracle Database’s XML DB feature, organizations can easily and quickly store, access and query their XBRL data.”

A lot of you might ask themselves: “Who are or what is UBMatrix?” and “How does it all fit in…?”

UBMatrix is one of those small but cool companies that have an idea and drive that idea to bigger heights. Their ideas about how to deal with XBRL and how to make it more succes full are very innovative. XBRL is an open standard to exchange and/or embed business and financial related data via XML. “Nothing more and nothing less…”, but applying it has a great impact to other systems, sometimes called “the ripple effect”.

XBRL is becoming the standard for financial information exchange and reporting demonstrated by the XBRL programs being driven by the SEC, FDIC, and the European Central Bank Supervisors. My Dutch Tax Office has embraced it and among others setup a taxonomy for XBRL (The Dutch Taxonomy Project). This “central hub” (the Dutch Tax Office) will eventually cause more and more organizations to exchange their data via XBRL (therefore the “ripple effect”).

The setup for the Dutch Taxonomy project background is simple…

The Dutch government intends to reduce the administrative burden of businesses with 25 percent. One of the projects to realise this reduction is a joint effort of the Ministry of Finance and the Ministry of Justice to use eXtensible Business Reporting Language (XBRL).

This Dutch Taxonomy Project will moderate en facilitate developments in certain financial reporting chains. Within the Dutch Taxonomy Project the Dutch Taxonomy will be drafted through several sub-projects, executed by stakeholders, to enable the drafting and provision of tax declarations, annual reports and economic statistics.

So where do I fit in…?

UBMatrix has created software to support and manage this “XML phenomenon” called XBRL:

Taxonomy Designer – for the development, extension and testing of taxonomies
Processing Engine – for embedding XBRL capabilities into applications and technology stacks
Enterprise Application Suite – for developing and deploying server-based XBRL reporting and information exchange applications
Database Adaptor – for storing, managing and querying XBRL documents at scale
Report Builder – for desktop creation, review, editing and validation of XBRL instance documents

XBRL is properly supported in the Oracle XML DB functionality since Oracle 11g, so for one I can’t wait for a chance to get this cool software to test in my XMLDB test environments and now it is in the grasp of the Oracle “realm”, it should be easier to get hold of the technique. On the other hand, this will also be a mayor boost for XBRL support and its functional use in the Oracle XML DB. My “adventures” into this kind of data exchange will be explored and as always posted on this site here, the AMIS Technology site, or on my own Oracle XML DB dedicated, personal blog site.

For more info on XBRL and others, visit:

HTH

Marco