Financial Reporting with XBRL Financial Reporting with XBRL

To better regulate financial transactions around the world, eXtensible Business Reporting Language (XBRL) - a standardized data format for reporting financial data - is being adopted by central banks, taxation departments and financial supervisory bodies. In 2009, the Australian Treasury department and 12 other government agencies licensed Fujitsu's XBRL software (Interstage XWand) for the Standard Business Reporting (SBR) project. The project aims to simplify business to government (B2G) reporting and save Australian businesses close to $800 million annually when fully implemented. More recently, through an initiative known as SuperStream, the Australian government has mandated the use of XBRL to improve the processing of everyday superannuation transactions.

XBRL Report Types

  • Business Activity Statements (BAS), PAYG returns, tax file number declarations and company tax returns submitted to the ATO
  • Financial statements submitted to ASIC
  • Payroll tax reports submitted to various state and territory revenue offices
  • SuperStream lodgements such as member registration and rollover

Benefits of Interstage XWand for Developers

  • Easy to integrate into financial, accounting and payroll software packages using a simple yet powerful Application Programming Interface (API) to enable direct reporting to government. The API does not require vendors to have a detailed understanding of XBRL.
  • Increases transparency
  • Enables data sharing
  • Reduces accounting and financial data analysis costs
  • Increases accuracy, efficiency, speed and reuse
  • Improves competitive market positioning through the implementation of the latest technology

Fujitsu is the largest vendor of XBRL software in Australia. For more information on Interstage XWand please visit the Fujitsu Australia web site at:

http://www.fujitsu.com/au/products/software/xbrl-software/

or email us at:

interstage@isgsun2.fujitsu.com.au

Fujitsu, the Fujitsu logo, Interstage and XWand are trademarks or registered trademarks of Fujitsu Limited in Japan and other countries. All other trademarks referenced herein are the property of their respective owners.