The Financial Services Authority Names Cormac McKenna
to the Technical Working Group of the Software Suppliers Advisory Panel
April 6, 2004 – London, UK – Fujitsu Software Corporation (FSW) today announced that Cormac McKenna, architect of Fujitsu’s Interstage Suite, has been chosen by the Financial Services Authority (FSA) to be part of the Technical Working Group (TWG) for the newly established Software Suppliers Advisory Panel (SSAP). The panel will provide guidance and common understanding of the eXtensible Business Reporting Language (XBRL), the chosen technical standard for electronic reporting, to the ISV community in preparation for introduction of Integrated Regulatory Returns (IRR) from April 2005.
The transition to mandatory electronic reporting will commence on 1 April 2005 for firms coming under the new general insurance and mortgage regulation and for retail investment firms. Concurrently, mandatory electronic reporting of complaint data will be introduced for almost all firms.
With more than 20 years in the IT industry and having worked with XBRL from its infancy, McKenna was selected as the representative of Intellect UK, the trade association for the UK technology industry, for his expertise in this XML-based open, standard.
“During the past year, there has been increased momentum regarding industry adoption of XBRL, mainly driven by financial institutions, regulators and auditing professions. The urgency for ISV’s and customers to embrace XBRL has heightened, through the changes to reporting procedures, with the next 12 months being critical in ensuring the standard is more widely accepted, “ said Cormac McKenna. “I look forward to the opportunity to work alongside the other 15 members of the committee, to set the parameters and ensure the smooth deployment of one of the largest and most significant adoptions of XBRL, within the UK financial sector.”
“This project is true-testament to the faith that the financial industry has in the XBRL standard. Whilst a complex standard, with local, regional and global taxonomies, XBRL has many advantages, including ease of data transfer, standardisation and reuse of financial reporting concepts and flexibility in processing and presenting information,” continued McKenna.
The TWG is a forum which will allow the FSA to discuss technology choices for electronic reporting and to enable ISVs and firms to raise concerns and issues about the interfaces between their own and FSA’s systems.
XBRL provides a common platform for critical business reporting processes and improves the reliability and ease of communicating financial data among users internal and external to the reporting enterprise. Using XBRL for managing financial information also increasing its potential for full interoperability with other financial and analytical applications. XBRL also opens up new product possibilities for analysing the information in business reports.
Acknowledging the importance of XBRL to the financial services industry, Fujitsu Software Corporation launched its Interstage XBRL Processor product in October 2003. As the first full-featured industrial-strength toolkit for building and deploying applications based on the XBRL, it enables the automatic exchange and reliable extraction of financial information across multiple software formats and technologies, including the Internet. A resource for today’s compliance-driven financial reporting demands and risk management, the Fujitsu Interstage XBRL Processor enables enterprises to address many compliance issues.
About the Software Suppliers Advisory Panel
The SSAP has been established to support the Financial Services Authority in the introduction of electronic reporting for regulated firms. Specifically it has been convened to represent the community of software suppliers (ISVs) that provide relevant systems to those firms that are regulated by the FSA. Members include ISVs, Government Agencies and Trade Bodies.
About Fujitsu Software Corporation
Fujitsu Software Corporation, based in Sunnyvale, California, is part of the Fujitsu Limited (TSE:6702) family. Fujitsu Software Corporation’s EMEA HQ is based in Dublin, Ireland. The wholly owned subsidiary delivers one of the world’s broadest lines of application infrastructure software products, including the Interstage® Suite and NetCOBOL®. Fujitsu Software Corporation leverages Fujitsu’s international scope and expertise in developing and providing information technology solutions. To learn more about the Interstage Suite, visit www.fujitsu.com/interstage. To learn more about Fujitsu Software Corporation, visit www.fsw.fujitsu.com.
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Copyright 2004 Fujitsu Software Corporation. Fujitsu, the Fujitsu Symbol Mark, and Interstage are registered trademarks of Fujitsu Limited. All Interstage products and components are trademarks of Fujitsu Limited and Fujitsu Software Corporation. All other registered trademarks, trade names, or service marks mentioned in this document are the property of their respective owners.
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