Financial Daily from THE HINDU group of publications
Saturday, Dec 13, 2003
Financial Daily from THE HINDU group of publications Saturday, Dec 13, 2003 |
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Info-Tech
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Trends `XBRL set to change business computing' Our Bureau
Hyderabad , Dec. 12 HIGHLIGHTING the growing importance of technologies that enable companies to manage information effectively and react quickly to changing business conditions, PricewaterhouseCoopers Pvt. Ltd (PwC) has unveiled its annual technology forecast for 2003-05. These technologies would help companies achieve greater transparency and accountability. "As businesses work to regain the confidence of investors and comply with new regulatory requirements, people are making efforts to provide financial information more quickly and in formats that are easier to interpret," the forecast said. With the theme `The intelligent real-time enterprise', the forecast predicted that XBRL (eXtensible Business Reporting Language) would significantly change business reporting in the coming years, Mr Rajarshi Sengupta of PwC, told presspersons. Mr Sengupta was here to showcase the forecast at a seminar, organised in association with the Federation of Andhra Pradesh Chamber of Commerce and Industry (FAPCCI) and the Andhra Pradesh Government. He said XBRL, an electronic format, simplified the flow of financial statements, performance reports, accounting records and other financial information between software programmes. XBRL defines a consistent format for business reporting and streamlines how companies prepare and disseminate financial data, and how analysts, regulators, and investors review and interpret it. "This will result in savings in time and money when information consumers within and outside of a company analyse complex data," the forecast asserted. It also discussed key technologies such as business intelligence systems, integration technologies, supply chain event management capabilities and expanded use of XML that would help companies make faster and more effective decisions. The forecast included interviews with Mr Vivek Ranadive, Founder-Chairman and Chief Executive Officer (CEO) of TIBCO Software, Mr Tony Scott, Chief Technology Officer of General Motors' Information Systems and Services Arm, and Mr Ronald Weissman, a venture partner with Apax Partners.
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