Hyperion CFO David Odell foresees that an important emerging technology standard will expedite business problem-solving throughout the enterprise. The technology, called XBRL (Extensible Business Reporting Language), is designed to increase transparency and make communicating financial and business information more efficient and less costly. When used in conjunction with business performance management (BPM) software, XBRL will help CFOs in their efforts to keep employees focused on current corporate goals, to continually update business plans and to drive accountability.
“Virtually all CFOs struggle to strike a balance between fostering accountability while keeping their organizations optimally configured for growth,” said Odell. “XBRL, in the context of business performance management, can help deliver both breakthrough performance and accountability.”
Odell keynoted the 8th XBRL International Conference in Seattle on Nov. 4. He addressed approximately 300 leaders from financial services, banking, technology, software, consulting and information services firms, as well as regulatory agencies interested in working examples of XBRL in use today.
XBRL is an extension to XML (extensible markup language), which provides a standard method of exchanging business information. XBRL streamlines the way business information is exchanged across the chain of corporate reporting, within and among companies. With XBRL, receivers of business information can more easily compare, aggregate and analyze business information. Providers of business information can leverage a single file for reporting to various external bodies, rather than creating different versions for each party.
Hyperion representatives sit on the board and various committees of XBRL International, a consortium of more than 200 leading companies, associations and government agencies around the world developing XBRL to simplify the exchange and reliable extraction of business information among various software applications anywhere in the world. XBRL reduces the cost of information exchange, promotes transparency and enhances the usability of existing accounting standards.
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