Oracle Applications Support the Latest XBRL Taxonomy
By Theresa Hickman-Oracle on May 02, 2012
The U.S. Securities and Exchange Commission (SEC) has adopted the new 2012 U.S. GAAP Financial Reporting Taxonomy used for creating and submitting financial reports using eXtensible Business Reporting Language (XBRL).
Oracle Hyperion Disclosure Management supports the latest taxonomy, enabling financial managers to easily comply with the latest filing requirements. The taxonomy is a list of computer-readable tags in XBRL that allows companies to annotate the voluminous financial data that is included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, journalists, and regulators.
You do not have to have Oracle Hyperion Financial Management, used for consolidating financial results, to generate XBRL. You just need Oracle Hyperion Disclosure Management to generate XBRL instance documents from financial applications, such as Oracle E-Business Suite, Oracle PeopleSoft, and Oracle JD Edwards EnterpriseOne, and Oracle Fusion General Ledger.
To generate XBRL tags and complete SEC filings using your existing financial applications with Oracle Hyperion Disclosure Management, here are the steps:
- Download the XBRL taxonomy from the SEC or XBRL Website into Hyperion Disclosure Management to create a company taxonomy.
- Publish financial statements from the general ledger to Microsoft Excel or Microsoft Word.
- Create the SEC filing in the Microsoft programs and perform the XBRL tag mapping in Oracle Hyperion Disclosure Management.
- Ensure that the SEC filing meets XBRL and SEC EDGAR Filer Manual validation requirements.
- Validate and submit the company taxonomy and XBRL instance document to the SEC.
Get more details about Oracle Hyperion Disclosure Management.