nexDimension is pleased that its technology partner, IBM, a leader in integrated XBRL filing, announced that its IBM Cognos FSR product is the only major XBRL creation software solution that filed without any EDGAR Filer Manual (EFM) XBRL validation errors in the latest filing period. (An EFM validation error is an indication of non-compliance with one of the SEC rules and may cause the XBRL filing to be rejected upon submission.)
With IBM Cognos FSR, the integrated XBRL tagging process is embedded within the external reporting process. XBRL tags can be applied and validated at any time within the external reporting process avoiding a “mad rush” to apply the XBRL tags just prior to filing with the SEC. IBM Cognos FSR’s unique “validation” functionality includes all the tests that can be automated in the SEC’s Interactive Data Test Suite so any errors are identified before filing. Furthermore, when validation errors are identified, IBM Cognos FSR provides the user with a solution to each validation error which expedites the resolution process.
“This is an important milestone because June 30, 2010 was the first time that the largest SEC registrants had to file detailed tagging for the notes to financial statements, a much more time-consuming process with a higher risk of errors,” said Paul Hill, Vice President, Performance Managment at IBM. “No EFM validation errors were generated by any filers using IBM Cognos FSR as the XBRL creation software, despite 40% of them performing detailed tagging for the first time”.
About IBM Cognos FSR
IBM Cognos FSR delivers software solutions to the Office of Finance. Their software helps large and mid-market organizations around the world improve their budgeting, planning, consolidations, scorecarding and management reporting processes, and also automates the external reporting processes to support the production of regulatory and statutory reports. IBM Cognos FSR unified applications help CFOs reduce risk while simultaneously improving operational efficiency.
About nexDimension Technology Solutions
nexDimension Technology Solutions provides the most focused, comprehensive and cost-effective corporate performance management, business intelligence and ERP solutions available to emerging enterprises. We go beyond providing and implementing solutions and understand that the investments you make today in business applications and technology will have a far-reaching impact on the future of your organization.
For more information, please call 1-770-475-1575.