Gruppo Coin tailors financial reports for XBRL
SAP AG announced that Gruppo Coin and Standard Life Assurance Company of Canada are two customers using its solutions to help drive compliance with important regulations for the filing and reporting of financial data. These international companies rely on enterprise performance management (EPM) solutions from the SAP BusinessObjects portfolio to alleviate the pain-points commonly associated with eXtensible Business Reporting Language (XBRL) and International Financial Reporting Standards (IFRS).
The latest releases of SAP BusinessObjects EPM solutions bring customers new capabilities to help address the ever-changing needs of regulators, and to improve their overall financial decision-making. The announcement was made at Reporting, Planning, and Analysis 2010, being held in Orlando, Florida, from Oct. 27-29.
Based in Venice, Gruppo Coin is one of the largest fashion-apparel retailers in Italy, and it is required to file financial statements for all of its eight different legal entities with the nation's chambers of commerce in XBRL format. Previously the company lacked a complete audit trail and insight into detailed data, so it began evaluating the SAP BusinessObjects Planning and Consolidation application and the SAP BusinessObjects XBRL Publishing application by UBmatrix.
"Before using SAP BusinessObjects solutions, we did not have the automation or integration we needed to meet the XBRL requirements efficiently," said Bruno Cocchi, chief information officer, Gruppo Coin. "Today, that is no longer the case. In a matter of weeks we were securely validating and filing our financial statements in XBRL format, and had detailed insight into company figures and data. We also now have customizable templates to quickly adapt our reports as needed. All of this has resulted in increased efficiency, and a lower total cost of ownership for Gruppo Coin."
New Features Include Inline XBRL Support, Detail Footnote Tagging, Starter Kits Today, SAP solutions lead the market by supporting the broadest possible range of financial and regulatory compliance requirements from complex financial instruments to accounting standards like IFRS and the Securities and Exchange Commission (SEC) mandate that require companies to file their financial reports using XBRL, and SAP continues to invest in extending this reach.
The latest version of SAP BusinessObjects XBRL Publishing offers users pre-defined templates to streamline processes, speed up filing times, reduce overall reliance on IT and help drive significant cost and resource savings. The application features support for inline XBRL (iXBRL), which converts the numeric-based reports into formats that are easier for people to access and comprehend via any Web browser.
iXBRL is already being adopted by organizations like the U.K.'s HM Revenue & Customs (HMRC), and the application is recognized by the HMRC accordingly. Additionally, the new version now features detail footnote tagging so that users can add written narratives and analyses to their disclosures during financial and compliance reporting. When building their reports, they can tag and link numeric detail with written information to produce a complete XBRL document and speed the last mile of finance process.