Fujitsu has launched its XWand Tool software offering, which generates the XBRL-formatted financial reporting data that will be required for the Japan Financial Services Agency's EDINET system from the beginning of the 2008 fiscal year.
According to Fujitsu, the automated software tool will help companies to comply with the new mandatory reporting system, as no advanced knowledge of XBRL will be necessary to produce XBRL-formatted financial reports and submit the reports on the Japan Financial Services Agency's (FSA) EDINET system.
XBRL has emerged as an international standard computer language for generating, distributing, and utilizing financial information. Fujitsu has been involved in the XBRL Consortium, which sets the standards for the format, since the body's inception. In 2003, Fujitsu introduced Interstage Xwand; a middleware offering that handles XBRL data and is now being sold in over 20 countries.
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.
Users can readily create all types of financial reporting data in an EDINET-compliant XBRL format, such as balance sheets and income statements. In addition, the software can generate HTML previews of the financial reports. Fujitsu said that the product features user-friendly data entry screens and wizards and visual verification prior to submission.
Fujitsu hopes that the FSA's new legislation will drive sales of its new software offering, and has set a sales target of JPY30bn ($ 290m) from all XBRL-related business over a three-year period.
