Leading Industry Analyst Firm Cites Clarity Systems in XBRL Report
CIOs need to understand impact of XBRL on their strategies for finance systems, corporate performance management (CPM) and business intelligence (BI), according to Analyst Firm
TORONTO, ON (June 2, 2008) - Clarity Systems, a leader in corporate performance management (CPM) solutions, today announced that Gartner, Inc. has included Clarity in a recent report1 for its corporate performance management (CPM) application which provides full regulatory reporting in XBRL format.
Firms wanting to align their financial reporting with the U.S. Security and Exchange Commission (SEC) proposal for future XBRL filings, announced May 14, 2008, need not purchase standalone XBRL tagging tools. They can enjoy the benefits of a world-class application for automating their external reporting, using Clarity FSR™ and file the resulting documents with the SEC in a wide variety of formats including XBRL.
"We applaud the SEC for promoting the use of XBRL formats, since it will make it easier to compare financial information between companies, which is great for investors," said Mark Nashman, President and Chief Technology Officer, Clarity Systems.
"As Gartner recognizes, firms relying on '...spreadsheets and manual processes to produce consolidated financial data should immediately enact plans to implement CPM applications that provide XBRL reporting capabilities.2' Many of our customers have done exactly that, and have implemented or are in the process of implementing Clarity FSR to automate the process for creating and filing financial reports, rather than risk the errors and missed deadlines that often occur with manual processing," Nashman added.
Using Clarity FSR's unique 'tag once' technology, users can easily tag financial data and commentary once. Tags are automatically carried forward to future reporting periods – thereby reducing manual activities. Furthermore, changes in the source data will automatically flow into the XBRL document with no manual intervention required. Users can easily extend their company-specific taxonomy using the Taxonomy Designer within the product and also view final XBRL reports using Clarity's XBRL Viewer. All of this is delivered with the full audit trail and workflow functionality designed into Clarity FSR.
1Gartner, "Q&A: The Impact of XBRL on Corporate Performance Management” by Nigel Rayner, May 27, 2008. Research Note ID Number G00158184. For more information on Gartner and the research note referred to, please visit http://www.gartner.com
2Ibid.
About Clarity Systems
Clarity Systems delivers superior Corporate Performance Management software solutions for financial budgeting, planning, forecasting, consolidation, analytics and financial statement reporting to a large, global client base. With a rich feature set, Clarity 6 and Clarity FSR are unified applications that offer the flexibility, security, and control needed to make more informed business decisions while meeting compliance requirements. Named as one of Profit’s 100 fastest growing companies and a Branham 300 top 100 IT company, Clarity Systems continues to lead the industry as the independent CPM specialist. For more information, please visit our website at www.claritysystems.com or call us at 1-877-410-5070.
For more information, please contact:
Dave Paolini, Communications Manager
Clarity Systems Limited
416-250-5500 ext. 417
Toll free: 1-877-410-5070 ext. 417
dpaolini@claritysystems.com
