10 February 2011
Tagetik Announces its Partnership with Fujitsu
A strategic, global agreement to resell Fujitsu Interstage XWand and support organizations with XBRL and iXBRL filing requirements
Tagetik, a global provider of enterprise software solutions for Performance Management, Governance, Risk & Compliance and Business Intelligence, today announced an agreement with Fujitsu (www.fujitsu.com), a leading global provider of ICT-based business solutions, to resell its market-leading XBRL software, Interstage® XWand®.
eXtensible Business Reporting Language (XBRL) is fast becoming the standard for financial reporting across the world, allowing regulators to define the data they require from organizations in a clear and concise fashion as XBRL taxonomies. iXBRL – or inlineXBRL – is a further development of XBRL that allows users of financial data to interpret the information quickly and effectively. In the UK, HMRC (www.hmrc.gov.uk) has mandated that all CT Returns (CT600, computation and entity accounts) for accounting periods ending after 31 March 2010 and submitted after 31 March 2011 must now be filed on-line using iXBRL. As a result, organizations will no longer be able to make submissions using XML and PDF formats.
“Fujitsu is very pleased to provide the XBRL and iXBRL capabilities of Interstage XWand to Tagetik and its customers,” says Tsune Yoshizawa, Senior Vice President, Software Business, Fujitsu America. “Powered by Interstage XWand, Tagetik will be able to provide a more complete reporting solution and further deliver on the promise of XBRL. Customers will gain confidence from knowing that Tagetik is leveraging the same XBRL engine that is trusted in the major financial capitals of the world.”
“Using Tagetik 3.0 Collaborative Disclosure Management, finance departments can unify the processes of preparing, sharing and publishing all types of financial data ranging from budget and management reports to statutory filings and sustainability reports,” adds Manuel Vellutini, EVP Chief Operating Officer at Tagetik.
“What makes Tagetik 3.0 unique is the ability to automate the entire closing process offering full Microsoft Office integration and now, also, XBRL/iXBRL native support,” continues Marco Pierallini, EVP Chief Development Officer at Tagetik. “This partnership marks a strategic milestone and investment for Tagetik’s product development, providing organizations with a platform that can cover and streamline all the phases of corporate disclosures, from data collection, adjustment, reconciliation, analysis through to the final step of plugging financial information and regulatory reports, including state-of-the-art XBRL technology.”
Fujitsu has aggressively led the development and adoption of XBRL standards and technologies for many years. Fujitsu Interstage XWand is the outcome of those pioneering efforts and is a market-tested solution used by regulators, auditors, filers, analysts, and enterprises in more than 25 countries around the world.
Tagetik 3.0 works seamlessly with Fujitsu Interstage XWand, enabling organizations to tag financial data and output it in XBRL/iXBRL while providing support for all the phases of the financial information lifecycle including the preparation, validation, analysis and dissemination of reports. Organizations can thus automate the creation of XBRL/iXBRL reports, reducing the administration around this activity, saving time and improving accuracy, as well as create error-free submissions and validate them before filing. Along with providing detailed tagging support in Microsoft Word, Tagetik 3.0 gives the ability to generate the XBRL/iXBRL document directly from the Word document.
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