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”).