Hyperion’s Standards Leadership Continues with XBRL
LAS VEGAS—HYPERION SOLUTIONS 2003 CONFERENCE—May 5, 2003—Today at its annual Solutions conference, Hyperion (Nasdaq: HYSL), the global leader in Business Performance Management software, announced plans to make the new XBRL Web-based specification a key feature of its industry-leading financial reporting and compliance solutions when the next version of the standard is finalized. XBRL is a new XML-based standard that promises to improve the accuracy and speed of financial reporting. As part of the Hyperion Financial Management solution, XBRL will provide Hyperion customers with even more automated financial reporting and filing capabilities than they have today.
“Our clients are appropriately concerned about increasingly stringent reporting and compliance requirements both in the United States and Europe,” said PricewaterhouseCoopers’ Partner and XBRL International Founding Chairman, Mike Willis, who is also a speaker at the Hyperion Solutions conference. “XBRL has the potential to reduce the costs of compliance and accelerate the flow of financial results between companies and their external stakeholders. Hyperion has been extremely committed to the development and adoption of XBRL, and its planned integration of XBRL with Hyperion Financial Manager is evidence of this leadership commitment.” The standard should allow it to deliver its benefits to customers quickly.”
Both acceptance and adoption of XBRL—short for Extensible Business Reporting Language—is being driven by a need to restore investor confidence and a heightened emphasis on more timely and transparent financial reporting requirements such as those described in the Sarbanes-Oxley Act. Hyperion has been driving the XBRL standard through its participation in the XBRL Consortium and XBRL International for more than three years and expects to be a key player in the industry in creating products and solutions utilizing the reporting language.
Members of the XBRL working group expect the new specification to help companies improve the speed and accuracy of corporate reporting, eliminate the need for manually re-keying of information for filings to multiple external audiences and reduce the cost of complying with new financial reporting requirements. Financial analysts, regulators and other external stakeholders are expected to benefit from more timely and transparent financial results that can be quickly analyzed to enable more accurate company benchmark comparisons. By enabling interoperability of data between different applications, parties and systems, regulatory agencies and the investment community will gain a single mechanism for streamlining communications and preserving the quality of reported information. Currently, XBRL taxonomies for U.S. GAAP and International Accounting Standards are in place, and work is in progress around Basel II.
“Compliance is the watchword for our customers,” said John Kopcke, chief technical officer for Hyperion. “We’re committed to XBRL as a key ingredient in our compliance strategy and believe wide adoption of this industry standard will be a huge advantage for customers grappling with compliance and reporting issues to external stakeholders.”
Hyperion has a long-standing commitment to the development and adoption of open industry standards. The company was a founding member of the OLAP Council and, more recently, a founding member of the XML for Analysis and JOLAP working groups.
The Hyperion Annual Solutions User Conference is being held at the Venetian Hotel in Las Vegas, Nevada from May 4 through May 7, 2003.
Hyperion is the global leader in Business Performance Management software that enables companies to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. More than 6,000 customers worldwide use Hyperion's Business Performance Management family of packaged and tailored applications and its leading business intelligence platform. Hyperion has a network of more than 330 partners to provide innovative and specialized Business Performance Management solutions and services.
Headquartered in Sunnyvale, California, Hyperion generated annual revenues of $492 million in fiscal 2002. The company employs more than 2,100 people in 20 countries and is represented in 16 additional countries through distributor relationships. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com/uk, e-mail firstname.lastname@example.org or call 01784 228015.
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