Semansys teams with Cognos to facilitate corporate filing in XBRL.

Users of IBM Cognos 8 Controller enabled to fulfill regulatory reporting requirements by using Semansys XBRL Reporter solution.

Semansys Technologies, a leading vendor of XBRL based software solutions, today announced it is working with Cognos, an IBM company and the world leader in business intelligence and performance management solutions, to provide XBRL functionality to users of IBM Cognos 8 Controller. The solution provided through this collaboration enables corporations using Controller for corporate reporting, to file their reports in the XBRL format, compliant to the requirements of regulators around the globe.

XBRL is the global standard for the exchange of business reporting through the internet. Regulators around the world are adopting XBRL in a rapid pace. Semansys Technologies has been among the first software vendors to help develop the standard and to implement XBRL in practice of daily reporting processes. Organizations looking to improve their closing process made difficult by business changes, new SOX, IFRS, and local compliance requirements and disparate data and systems rely on IBM Cognos 8 Controller. IBM Cognos 8 Controller automates and structures the entire financial consolidation process, provides centralized control and collection of data, supports the improvement of the internal controls environment and ensures delivery of certified and auditable financial performance information for internal and external reporting.

IBM Cognos 8 Controller users can now benefit from this experience through a tailored solution developed in cooperation between Cognos and Semansys. This solution provides for an easy to use and practical solution that represents a very low threshold for implementation. The functionality provided by the tool enables every financial professional to create any desired business report in the XBRL format. The integrated solution resulting from the agreement guarantees data integrity and a low investment. The experience of both vendors is translated in software, and guarantees not only compliance, but also a short learning curve, efficiency and quick turn-around times in report creation.

"This solution will enable customers to quickly meet regulatory requirements for XBRL by easily integrating into their existing Cognos Controller financial consolidation process,” said Doug Barton, vice president of performance management product marketing at Cognos.  "The combination of Cognos 8 Controller and Semansys allows users to map an XBRL taxonomy directly to the financial data in the repository of record, rather than to each document or report. This approach can dramatically shorten the time required to prepare a single filing."

About Semansys Technologies

Semansys Technologies is a leading vendor of software solutions for financial reporting and business monitoring based on semantics and XBRL. The company offers a uniquely comprehensive solution that increases speed, quality and transparency in the exchange of information throughout ‘the financial supply chain’. The software helps regulators reduce risks and administrative burden. For preparers of business reports, Semansys provides easy to use and efficient reporting solutions. The use of open standards allows users of this software to deploy innovative real time business monitoring techniques such as daily balance sheets and continuous auditing. Semansys is closely involved in the development and global adoption of XBRL and realized the world’s first implementation of this standard. Semansys is based in Zoetermeer, The Netherlands.

www.semansys.com

Semansys Technologies BV
Tel.:     +31 79 361 5931
Email:   paul.snijders@semansys.com