Sunnyvale, Calif. (May 23, 2003) -- Citing growing market demand for improved reporting of financial data, international business performance management software developer Hyperion announced plans to add XBRL capabilities in some upcoming products.
The Sunnyvale, Calif.-based company said its development plans are driven by XBRL's potential to satisfy the market's demand for more current financial information and concerns about being in compliance with new federal reporting standards -- both byproducts of the accounting scandals in recent years. "Compliance is the watchword for our customers," said chief technical officer John Kopcke.
XBRL is the financial reporting version of Extensible Markup Language or XML, a format in which items in electronic files are tagged for instantaneous recognition by applications and retrieval by users. XBRL International, a consortium of about 200 businesses and other organizations brought together by the American Institute of CPAs, has been developing it since 1998.
Hyperion, which has more than 6,000 customers worldwide, is the 25th software vendor that has already implemented or announced plans to implement XBRL into their products. Hyperion is holding off its XBRL development until the release of newest version of that standard, which is tentatively scheduled for this summer, according to an XBRL international spokesperson.
-- John M. Covaleski
