Infor Performance Management Software Includes Drag and Drop XBRL Tagging to Help Companies Meet New Financial Reporting Requirements

Infor today announced that , a comprehensive suite of business performance management applications, now supports (XBRL), a fast growing worldwide financial reporting standard. Infor PM 10 provides integrated XBRL capabilities, enabling companies to quickly comply with financial reporting requirements aimed at improving the transparency and accessibility of financial data.Infor PM 10

The U.S. Securities and Exchange Commission (SEC) issued new rules requiring securities filings to use XBRL to provide all investors with access to accurate and interactive financial data. Beginning in June 2009, the 500 largest public companies in the U.S. must file using XBRL. On a phased timeline, all public companies in the U.S. will eventually file using the new interactive reporting standard by 2011.

"The XBRL filing requirement will have two significant impacts," said Robert Kugel of Ventana Research in a recent research note. "First, those companies that must file with the SEC will have an additional burden to bear in their close-to-report cycle, one that will grow increasingly heavy as the level of detail rises. Finance departments will have to adapt their post-period end processes to be able to handle this increased workload within the filing deadlines. Ventana Research recommends that if they haven't already, all public companies should begin investigating ways to automate some or all of the processes associated with filing XBRL-tagged reports."(1)

Infor PM 10 provides an integrated suite of performance management applications including planning and budgeting, financial consolidation, strategic management, forecasting, and reporting and analysis. After the financial consolidation process, Infor PM 10 enables users to tag financial data through a drag and drop interface, preview and error check the report, and export the finished interactive XBRL report.

"The upcoming deadlines for companies to implement XBRL highlights the benefits of integrated performance management in the financial consolidation process," said Christina McKeon, director, Solutions Marketing, Performance Management, Infor. "Once financial consolidation is completed in PM 10, companies can simply tag their data in the software to provide regulators and investors with the new interactive reporting format."

In addition to the U.S., jurisdictions around the world are contributing to XBRL and mandating it as a standard for electronic communication of business and financial data. Over 100 countries require or allow the use of XBRL in financial reporting and companies are adopting the standard to reduce costs and streamline their processes for collecting and reporting financial information.