Clarity Systems today announced general availability of Clarity FSR(TM) 6.5, a comprehensive, unified financial governance solution created for the Office of Finance to help improve financial processes and controls. As a single, unified financial governance solution, Clarity FSR supports the following critical financial functions:

     Statutory Reporting

     -  Clarity FSR provides advanced functionality to automate the creation

        and submission of statutory filings (like 10-Ks and 10-Qs in the USA)

        as well as automate key internal documents such as the Board Book.

        Clarity FSR improves the efficiency and reduces the risk inherent in

        the external reporting process, with key features such as: seamless

        integration with source data, workflow, audit trail, validation

        rules, collaboration, and compliance checklists.

     Regulatory Reporting

     -  Each industry has its own set of regulatory reporting requirements.

        Clarity FSR is ideally suited to automate the creation of regulatory

        reports to improve the efficiency, reduce the risk and improve the

        oversight and control of these critical business processes.

     XBRL

     -  XBRL is fast becoming the world-wide standard for the exchange of

        business information. The U.S. Securities and Exchange Commission has

        recently mandated its use for all public companies - based on a three

        year phase in program. As the only fully integrated XBRL solution

        available today, Clarity FSR is ideally suited to help companies

        comply with the SEC's XBRL mandate.

     Reconciliation Management

     -  There are a number of accounts in the trial balance that need to be

        reconciled during the financial close process as well as at

        predetermined periods throughout the month. Clarity FSR helps

        companies automate this reconciliation process in a controlled and

        auditable environment. Furthermore, Clarity FSR's account

        reconciliation dashboard provides management with effective oversight

        to monitor and manage the status of all account reconciliation

        activities.

     Continuous Controls

     -  A traditional month-end process has been the norm for identifying

        discrepancies between systems and/or within a given system. With

        Clarity FSR's Continuous Controls capabilities, users can

        automatically identify anomalies within their operating environment -

        so that they can react and take action more quickly.

     GAAP to IFRS Conversion

     -  The IFRS accounting standard is being adopted by jurisdictions around

        the world. Clarity FSR helps companies transition from local GAAP to

        IFRS within a controlled and auditable environment. With Clarity FSR

        users can avoid major surgery to your ERP or consolidations system

        and still satisfy the IFRS statutory reporting requirements.

     Enterprise Risk Management

     -  Enterprise risk management (ERM) is the art of managing risks while

        seizing opportunities related to the achievement of an organization's

        objectives. Clarity FSR helps organizations document their risks and

        opportunities and assess them in terms of likelihood and magnitude of

        impact, so that they can determine a response strategy, and monitor

        progress towards risk mitigation.

     CSR Reporting

     -  Corporate social responsibility (CSR) reporting is increasingly

        becoming a mainstream practice and an important mechanism for

        organizations to manage performance, communicate value to multiple

        stakeholder groups and honor the triple bottom line of People, Planet

        and Profit. Clarity FSR provides a comprehensive solution to create

        and manage an organization's CSR reports.As a single unified financial governance solution, Clarity FSR provides these value propositions to its customers on a single technology platform, with a single training program, with a common user interface, and with only one solution to maintain - leading to an overall lower cost of ownership.

Originally launched in January 2007 as a unique solution for automating the creation and filing of financial reports, with today’s announcement Clarity FSR 6.5 has evolved into a comprehensive unified financial governance solution.

“The underlying architecture of Clarity FSR first lent itself to automating internal and external reports including filings to regulators such as the U.S. Securities and Exchange Commission and the UK’s Financial Services Authority,” said Mark Nashman, President & CTO, Clarity Systems.

“Since the initial launch of Clarity FSR, we have continually enhanced the product’s core capabilities. With today’s announcement we have extended the power of Clarity FSR to deliver a true Unified Financial Governance solution,” continued Nashman.

Genesis of Unified Financial Governance

The need to enhance financial controls within companies and better report the results to regulators prompted a leading industry analyst in October 2007 to issue recommendations for CFOs and IT professionals reviewing applicable technology solutions(1). Clarity FSR 6.5 is a unified solution that delivers on the financial governance vision outlined in this report.