Bowne Financial Print Wins InfoWorld 100 Award for Use of Fujitsu Interstage XWand to Complete First XBRL-Based SEC Filing
Press release from the issuing company
SUNNYVALE, Calif.--Nov. 16, 2005-- Fujitsu Software Corporation today announced that Bowne Financial Print, the world's largest financial printer, leading EDGAR filer and a division of Bowne & Co., Inc. has been named a winner of the 2005 InfoWorld 100 Award in the Financial Services category and a finalist for the InfoWorld 100 Project of the Year Award, which will be announced in March. The InfoWorld 100 Awards celebrate the real-world IT projects that use technology in smart, innovative and creative ways to meet business and technical objectives (see the InfoWorld special report and the Bowne profile at http://www.infoworld.com/reports/46SRiw100.html). Bowne was recognized for using Fujitsu's Interstage XWand to complete the first electronic SEC filing based on the eXtensible Business Reporting Language (XBRL). The filing was conducted as part of the SEC's new XBRL Pilot Program, enabled by the Interstage XWand application development and runtime environment for building and deploying full-feature, industrial-strength XBRL applications.
As the world's largest financial printer and a leading EDGAR filer, Bowne Financial Print, provides the most comprehensive array of transactional and compliance-related services to create, manage, translate and distribute mission-critical documents. As a filing agent, many of the leading public companies use Bowne to prepare their SEC filings. Having completed the SEC XBRL filing process, Bowne has first-hand experience with the efficiencies gained in using XBRL-based online reporting to comply with SEC filing requirements. The company is now well positioned to assist clients wishing to participate in the SEC's voluntary program; help them recognize the level of effort involved; and ultimately help create, manage and file these XBRL-based documents for their clients.
"We are honored to receive the InfoWorld 100 Award for our use of XBRL to file electronically with the SEC. XBRL is an important standard for enabling regulatory compliance, as well as providing greater transparency and efficiency in financial reporting. Bowne has worked closely with members of the accounting and auditing professions, as well as many software vendors, to prepare for the SEC pilot and to stay as current as possible on this emerging technology." said Erika Craven, vice president, strategic marketing, Bowne Financial Print. "Companies need technology partners like Fujitsu to support these efforts, and we welcome Fujitsu's Interstage XWand as a valuable tool for enabling clients to more quickly and cost-effectively implement XBRL-based solutions to meet the increasing demands of corporate reporting."
XBRL, the standard language for online financial reporting, helps companies to save costs and streamline their processes for collecting and reporting financial information. The SEC and other regulatory agencies are engaging in XBRL initiatives in support of worldwide compliance regulations to help significantly improve the collection, processing, dissemination and analysis of financial data. Bowne and Fujitsu have played active roles in promoting the XBRL standard, and both are members of XBRL International, a not-for-profit consortium of approximately 250 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption.
"As a leading player in the financial services world, Bowne understands the requirements for regulatory compliance and transparency in financial reporting. We are proud that Bowne has been recognized with the InfoWorld 100 Award for its implementation of Interstage XWand to address these demands, resulting in the first successful SEC filing in XBRL," said Robert Sepanloo, senior vice president of Interstage at Fujitsu Software Corporation. "Bowne's experience demonstrates how companies can use our XBRL-based solutions to better streamline their financial reporting processes in order to reduce costs and provide a clear audit trail to the source of their financials."
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