Simpler compliance using Adobe PDF and XBRL
Oxford, 11th May 2005.
CoreFiling invention works with Adobe LiveCycle™ technology to automate compliance reporting and reduce red tape.
CoreFiling, the specialist electronic reporting joint venture of Business Wire and DecisionSoft, today announced new technology which does away with the distinction between documents and data. CoreFiling’s new document generator uses standard XBRL business reporting definitions to create intelligent Adobe® PDF forms with TagTips® data binding.
Recently previewed at the 11th International XBRL Conference in Boston, this patent-pending invention heralds the end of paper-based forms for financial and compliance reporting, and reduces business red tape for regulated companies and corporate borrowers.
XBRL, the eXtensible Business Reporting Language, is now in increasing use amongst regulators and corporations around the world. XBRL is the freely licensed standard for defining and exchanging performance information, up to and including full financial statements. The standard has been developed by an international consortium of accounting firms, software vendors and report preparers.
The CoreFiling technology allows multilingual, intelligent, Adobe® PDF forms to be generated directly from standard XBRL business reporting definitions. The resultant PDF documents contain embedded XBRL from the US GAAP – or any other standard or extended – XBRL taxonomy.
Where required, the “look and feel” of these forms can be easily modified to meet the design standards of the issuer, using Adobe LiveCycle Designer software, included with Adobe Acrobat® Professional. Forms and documents can be pre-populated with customer-specific information and securely disseminated using other components of the Adobe Intelligent Document Platform.
End-users can complete the forms on-screen, or import information directly from XBRL-capable spreadsheets or other accounting information systems. The forms provide on-screen validation assistance, warning users about mistakes, reducing the chance of restatement. Users gain complete confidence that the information they are providing meets their regulatory or banking obligations because the TagTips® link the information in the document with the underlying definitions. These intelligent PDF documents, with embedded XBRL data, can be submitted to regulators and other XBRL consumers. The XBRL can be extracted by anyone with a copy of the free Adobe Reader®, which has been distributed over half a billion times.
“Government agencies, regulators, banks and securities markets need compliance information from their customers. Combining XBRL with PDF creates a single document which will support paper, form-based, and system-to-system filings simultaneously,” said Melonie Warfel, Director of Standards for Adobe. “This is a breakthrough which will lower the barriers to implementation for compliance and regulatory projects around the world.”
CoreFiling Chief Executive, John Turner, explained the way that the technology will get used: “TagTips® add a new dimension to PDF, providing a practical, simple, and familiar environment that promises to radically improve the quality of financial and compliance information. It combines the accuracy of XBRL financial data with the convenience of visual or printed documents. We expect that TagTipped PDFs will become the new standard for compliance and regulatory filings worldwide. We are delighted to be announcing this development today.”
The CoreFiling TagTips® PDF environment is currently being road-tested, with formal product releases expected in the fall. Partners and OEM vendors are being sought actively.
CoreFiling is a joint venture formed in early 2005 by Business Wire, the global leader in financial news distribution, and UK-based DecisionSoft, the world’s premier XBRL components vendor. CoreFiling provides XBRL consulting services, data validation and enhanced data management to filers, regulators, exchanges and the financial community.
About Business Wire
Business Wire was founded in 1961 by Chairman/CEO Lorry I. Lokey, veteran journalist and public relations executive. The company’s multi-channel delivery network, with access to some 60 international and national news agencies, financial information providers and Web-based news services throughout North America, Europe, Asia, Latin America, the Middle East and Africa, provides real-time, simultaneous access to key audiences — the news media, trade publications, institutional and individual investors, business-to-business decision-makers and consumers.
Business Wire electronically disseminates some 1,000 full-text news releases daily to the media, the Internet, online services and databases, and the global investment community in 150 countries in 45 languages. Business Wire has 24 U.S. offices, Frankfurt, London, Stockholm, Brussels, Sydney and Tokyo offices, and reciprocal offices throughout the world.
DecisionSoft Limited, founded in 1997, is one of Europe’s leading XML vendors, with a substantial history in the successful design, publication and validation of XML and XBRL. Its success is based on tools and services created with an uncompromising commitment to engineering excellence.
DecisionSoft’s True North suite provides enterprise-strength XBRL processing. The flagship True North validator is used by regulators on both sides of the Atlantic. Boasting world-leading XBRL developers, DecisionSoft products are regarded by many as the “gold standard” in this field.
Based in Oxford in the United Kingdom, DecisionSoft is a private company.