Compliancy with corporate and regulatory reporting
requirements facilitated through digital reporting using familiar
functionality
For the development of Compliance Suite, Semansys
contributed its expertise on reporting and XBRL, while Microsoft contributed its
knowledge about workflow processes. XBRL is an open standard based on XML,
creating and electronically sharing business reports over the internet. The
Compliance Suite is targeted for instance, at the SEC reporting of annual and
quarter results, Because XBRL is used, the check can be performed in shorter
time. It also supports the International Financial Reporting Standards (IFRS),
which will be compulsory from January 1st, 2005 for companies in the
European Union, listed on the stock exchanges. The suite helps to determine the
information risk and responsibility on record level, which significantly
enhances transparency and administrative responsibility.
Creating a regulatory or corporate report is usually a
team effort. Although companies nowadays are sufficiently equipped with
sophisticated financial systems and tools, most reports are made using Microsoft
Office. The flexibility of the Microsoft Office tools is unmatched and adding
the reporting and structured output functionality extends the capabilities of
Microsoft Office. Those who are responsible for delivering reporting compliant
with corporate and regulatory standards will benefit from a system that combines
the familiar productivity of Microsoft Office with the structure provided by
XBRL. Semansys XBRL Composer, the standard application for digital reporting,
can be used to tag the information handled in Office, according to specific
reporting requirements. For coordinating tasks and documents Microsoft
SharePoint Portal Server is used. The combination is a system that turns the
traditionally unstructured reporting process into well managed teamwork with
built-in compliance and which is open to auditing. The quality, speed,
coordination and ‘audit ability’ of businesses can be improved while
implementation is simple. The extensive experience Semansys gained in various
closed loop implementations of digital reporting with XBRL has been used to
further lower the threshold for implementation of XBRL.
The solution provided by Semansys will be used by
managers to decompose the extensive reporting tasks in various sub-tasks, simply
by drag and drop. These tasks can be assigned to members of the team and
particularly to the person best equipped to generate the data. Employees who
need to contribute to the report will be prompted that a task is waiting for
them. They can pick up the applicable part of the reporting definition and start
generating the data. They can import data from source systems or manually edit
and compose the data using familiar Microsoft Office functionality. The manager
can monitor progress and assemble the entire report once the contributors are
finished. The draft report can be automatically checked for compliance and all
data can be traced to their source and history. After final examination, the
manager can submit the report to the applicable
recipient.
About Microsoft
Founded in 1975, Microsoft (Nasdaq "MSFT") is the
worldwide leader in software, services and solutions that help people and
businesses realize their full potential.
Microsoft Persdesk, tel: +31 (0)23 - 569 82 22, e-mail:
mspers@monogram.nl
About
Semansys Technologies
Semansys Technologies is a leading vendor of software solutions for
financial reporting and business monitoring based on semantics and XBRL. The
company offers a uniquely comprehensive solution that increases speed, quality
and transparency in the exchange of information throughout ‘the financial supply
chain’. The software helps regulators reduce risks and administrative burden.
For preparers of business reports, Semansys provides easy to use and efficient
reporting solutions. The use of open standards allows users of this software to
deploy innovative real time business monitoring techniques such as daily balance
sheets and continuous auditing. Semansys is closely involved in the development
and global adoption of XBRL and realized the world’s first implementation of
this standard. Semansys is based in Zoetermeer, The Netherlands. www.semansys.com
Semansys
Tel.: +31 79 343 5735
Contacts
Hans van der Meer - hansv@microsoft.com
Dirk Jan Hoekstra - dirk.jan.hoekstra@semansys.com