Inovis to Support XBRL with BizManager
September 23, 2008 Alex Woodie
Inovis announced last week plans to support a new SEC mandate requiring public companies to file financial data and EDGAR filings using Extensible Business Reporting Language (XBRL). The Atlanta, Georgia, company plans to support all of its BizManager products, including BizManager400, by the SEC’s deadlines for XBRL compliance in 2009 and 2010.
The entire financial information supply chain is expected to benefit by the standardization of SEC filings via XBRL. According to Inovis, whose B2B software supports EDI standards, including AS2 and ebXML, users would benefit from improved efficiency in preparation and submission of SEC filings; increased transparency of filings; increased market exposure; and greater investor confidence.
“The level of regulatory compliance requirements continues to increase with the ultimate goal of providing greater transparency into the U.S. financial markets,” says Steve Cochran, chief marketing officer for Inovis. “What has not changed is the fundamental need to move sensitive financial data in a secure fashion . . . “
Currently, the SEC is requiring the largest public companies to comply with the mandate in early 2009, while smaller public companies have until 2010 to start using the new XBRL.
The entire BizManager product line will support XBRL. This includes BizLink, Inovis’ flagship B2B trading platform for Windows, Unix, and Linux; BizConnect, a Java-based solution designed for SMBs trading with up to 25 partners; and BizManager400, another Java-based solution designed primarily for the i-based Power System server (formerly AS/400, iSeries, i5, System i).