The Other Side of XBRL

With the United States SEC's mandate for XBRL filings entering its third year, and impacting over 7000 additional companies in 2011, there's a lot of buzz in the industry about how companies should address the new reporting requirements.  Should they outsource the XBRL tagging process to a third party publisher, handle the process in-house with a bolt-on XBRL tool, or should they integrate XBRL tagging with the financial close and reporting process?  Oracle is recommending the latter approach, in fact  here's a link to a recent webcast that I did with CFO.com on this topic:

http://www.cfo.com/webcasts/index.cfm/l_eventarchive/14548560

But production of XBRL-based filings is only half of the story. The other half is consumption of XBRL by regulators, academics, financial analysts and investors.  As I mentioned in my December article on the XBRL US conference, the feedback from these groups is that they are not really leveraging XBRL for analysis of companies due to a lack of tools and historic XBRL-based data on public companies.   The good news here is that the historic data problem is getting better as large, accelerated filers enter their third year of XBRL filings.  And the situation is getting better on the reporting and analysis tools side of the equation as well - and Oracle is leading the way.

In early January, Oracle released the Oracle XBRL Extension for Oracle Database 11g.  This is a "no cost option" on top of the latest Oracle Database 11.2.0.2.0 release. With this added functionality organizations will have the ability to create one or more back-end XBRL repositories based on Oracle Database, which provide XBRL storage and query-ability with a set of XBRL-specific services. 

The XBRL Extension to Oracle XML DB integrates easily with Oracle Business Intelligence Suite Enterprise Edition (OBIEE) for analytics and with interactive development environments (IDEs) and design tools for creating and editing XBRL taxonomies.

The Oracle XBRL Extension to Oracle Database 11g should be attractive to regulators, stock exchanges, universities and other organizations that need to collect, analyze and disseminate XBRL-based filings.  It should also be attractive to organizations that produce XBRL filings, and need a way to store and compare their own XBRL-based financial filings to those of their peers and competitors.

If you would like more information, here's a link to a web page on the Oracle Technology Network with the details about Oracle XBRL Extension for Oracle Database 11g, including data sheet, white paper, presentation, demos and other information:

http://www.oracle.com/technetwork/database/features/xmldb/index-087631.html

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