Opal Wave Housing Performance Management is built on a platform incorporating a best of breed statutory reporting engine. In use in hundreds of the largest companies worldwide, SAP BusinessObjects Planning and Consolidation technology is one of the leading reporting technologies on the market today and is the only Unified platform for planning and consolidation activity for both the Microsoft and the SAP Netweaver platforms.
The Opal Wave statutory fast start kit is a preconfigured UK GAAP/IFRS reporting solution incorporating multiple standard reports and full 'glossy ready' formatted XBRL enabled reports for statutory reporting. This package accelerates the implementation of statutory reporting capability to an unprecedented level.
“From 1 April 2011 Company Tax Returns for accounting periods ending after 31 March 2010 must be filed online using the new iXBRL standard.”
HMRC
As a part of the Opal Wave Housing Performancment Management solution, the introduction of the statutory filling requirement by HMRC has been addressed, by providing the ability to map all required statutory reports to the HMRC published Taxonomy as well as other frameworks such as UK Gaap, HCA and other legal entity requirements.
Purpose and Objectives of XBRL Reporting
This is an international standard that simplifies electronic reporting of business and financial results. The idea this language is simple. Instead of treating financial information as a block of text – as in a standard internet page or a printed document- it provides an identifying, computer readable tag for each individual item of data.
The use of XBRL enable organisations to streamline their processes for handling information, improve analysis and communication, increase accuracy and reduce costly, manual effort.
It provides a common language with industry-specific classification for recording, storing and transmitting financial information.
XBRL is only machine readable whereas iXBRL is both machine and human readable so HMRC can see what you intended to display.
File with confidence
Opal Wave bring togeather SAP BPC domain expertse , market leading UBMatrix XBRL technology and your fininacial reporting needs, resulting in a package that includes all the software , services and consulting epertise neede to produce your first iXBRL submission and lays down a proven platform for future platform for future reporting cycles.
