NewswireToday - /newswire/ -
New York, NY, United States, 2008/05/19 - Pinnacle Group Worldwide announced the introduction of its new service today, XBRL Sherpa. XBRL Sherpa is a quick, easy, affordable way to implement eXtensible Business Reporting Language (XBRL) into an organization’s financial reporting process.
This move comes in response to the Securities and Exchange Commission’s (SEC) announcement that it is aiming to make XBRL mandatory for all large companies beginning next year, and within three years for all public companies
XBRL is a new way of tagging data similar to bar codes, which is designed to make data interactive. In the long term, companies implementing XBRL will benefit from better internal management information and applications, and investors will benefit from improved analytical methods to analyze financial information.
There will be a learning curve for companies that need to rapidly transform their financial reporting processes and implement XBRL to meet anticipated SEC deadlines. XBRL Sherpa is an accelerated method of implementing XBRL taxonomies into an organization's financial consolidation, management, and reporting processes, without undergoing additional expenses like in-house training.
Pinnacle’s XBRL Sherpa is easy to implement and use, offers full support for multiple taxonomies and is customizable by vertical and industry, allowing companies to address anticipated XBRL reporting requirements to the SEC or BASEL II. Taxonomies are based on all current XBRL 2.1 standards and include IFRS, US GAAP, UK GAAP, as well as several others. There is also full support for Financial Reporting Taxonomy Architecture (FRTA) 1.0.and Financial Reporting Instance Standards (FRIS) 1.0.
About Pinnacle Group Worldwide
Founded in 1995, Pinnacle Group Worldwide (pgww.com) is a global consulting firm focusing on business analysis and financial systems solutions. Pinnacle is an Oracle Certified Advantage Partner with a Hyperion specialization. Pinnacle supports clients with selection of best-of-class software packages, data quality improvement and Sarbanes-Oxley compliance, multi-currency consolidation and financial reporting, inter-company processing and analysis, financial budgeting and planning, business intelligence and performance management.