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New Features Help Customers Reduce the Time and Complexity of Meeting Financial Close Requirements; Includes Support for iXBRL-based Filings
To help customers improve the efficiency and speed of financial reporting, Oracle today announced the availability of Oracle Enterprise Performance Management (EPM) System Release 188.8.131.52. The new release includes updates to Oracle Hyperion Disclosure Management and Oracle Hyperion Financial Close Management, enhanced upgrade tools and expanded platform support, as well as key enhancements across the portfolio of EPM applications. Part of Oracle Fusion Middleware, Oracle EPM System combines category-leading EPM applications and business intelligence (BI) products to support a wide range of business processes that enable organizations to become smarter, more agile, and better aligned.
New iXBRL Support Speeds Compliance with New Regulatory Requirements
- To enable compliance with new UK financial reporting standards, Oracle Hyperion Disclosure Management now includes support for iXBRL.
- A replacement for paper-based reporting, iXBRL was adopted by the HM Revenue & Customs (HMRC) as the UK standard for tax filings starting in April 2011.
- With this functionality included within Oracle Hyperion Disclosure Management, organizations can now produce their tax filings in-house using Microsoft Office and other desktop productivity applications, link directly to the EPM and ERP applications, perform iXBRL tagging, and submit their filings to HMRC.
- This application helps companies save time, effort and resources while improving the accuracy and timeliness of financial filings with reduced dependency on outsourced services.
PeopleSoft Enterprise Integration Simplifies Financial Close and Reporting Processes
- Oracle Hyperion Financial Close Management is now integrated with Oracle’s PeopleSoft Enterprise Financial Management. This enables organizations to streamline and easily manage their period-end close activities across ERP systems and EPM applications.
- Oracle Hyperion Financial Close Management centralizes and helps automate the management of all period-end close activities, replacing manually maintained checklists with dynamic dashboards that give users the ability to immediately view and act on information.
- With Oracle Hyperion Financial Close Management, customers can orchestrate all of their end-user activities, schedule or run processes from PeopleSoft Financials as well as other ERP systems, and track manual processes from one easy to use business application.
- “As regulatory bodies continue to mandate new global requirements for financial reporting, organizations need ways to simplify execution, while ensuring compliance,” said Hari Sankar, vice president of product management, Oracle. “Oracle continues to develop and enhance its comprehensive suite of performance management applications to support the changing needs of global businesses.”
- “New government-sanctioned mandates, such as iXBRL, add increased complexity to an already difficult financial close process,” said Noel Gorvett, Director, AMOSCA. “With native support of iXBRL by Oracle Hyperion Disclosure Management, we can help our joint customers streamline their financial close processes and ensure compliance with new regulations.”
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