Trintech Group, a provider of financial governance, risk management and compliance software products, has released Unity Xtensible Financial Reporting (XFR), a financial reporting software product with embedded support for the tagging and output of XBRL-compliant financial statements.
According to the company, as global accounting standards have started to converge, businesses are being required to understand and adopt XBRL as a technology in enterprise wide disclosure initiatives being mandated by global financial governing bodies, such as the SEC’s Final Rule in the US and HMRC in the UK.
Theresa Clark, vice president of finance transformation at Trintech, said: CIOs and CFOs tasked with filing their financial statements in XBRL should begin looking at ways to strengthen their competitive advantage and avoid increased reporting costs in the coming years, as these requirements become increasingly onerous.
Embracing XBRL as more than just a compliance requirement will be part of moving reporting from merely a statutory obligation into a competitive tool. Unlike other XBRL financial reporting tools, Unity XFR is embedded with an overall process and workflow technology that extends the capabilities of existing ERP or CPM solutions. Unity XFR facilitates this integration and offers a single system of record for fully compliant financial statements and data.
Unity XFR is a part of the company’s Unity Financial GRC software suite, which reportedly allows customers to automate, consolidate and report on financial processes across the enterprise. It can be purchased as a standalone financial reporting product to manage the reporting process, from period close to regulatory filing, or it can be integrated with Unity Financial Close to enable workflow, task management, review and approval of financial close processes.
