OREANDA-NEWS. January 25, 2013. Fujitsu today announces the release of the XWand-based SBR XBRL Processor, designed for both in-house and external application developers as they make superannuation fund administration systems compliant with the Federal Government’s 1 July 2013 SuperStream mandate.

The XWand SBR XBRL Processor removes the complexity of eXtensible Business Reporting Language (XBRL); it obviates the need for risky and expensive in-house DIY development, providing software developers with a proven solution that will lower the cost of development and maintenance; it dramatically shortens implementation times; and it requires minimal training or knowledge of XBRL. The Tax File Number lookup implementation time, for example, can be reduced by 80 to 90 percent.

This is the ideal solution for the spectrum of regulated organisations that need to comply with the SuperStream deadline for business-to-business data sharing, such as exchanging super contributions and rollover information using XBRL.

Fujitsu developed the SBR XBRL Processor, now licensed as XWand SBR XBRL Processor, specifically for Treasury’s Standard Business Reporting (SBR) program, an initiative introduced to simplify the way businesses report to government agencies.

Alistair Latham, Group Executive Director at Fujitsu Australia and New Zealand, said: “Specialist developers to the superannuation industry and in-house teams will clearly be under intense pressure to meet the 1 July deadline. The complexity of developing and maintaining XBRL-enabled financial reporting systems means that a start-up DIY approach could prove to be an expensive option which may have difficulty in meeting an organisation’s needs and timeline.

“Fujitsu already has customers using a demonstrable, reliable and scalable solution through our XWand SBR XBRL product and our local specialist team is well positioned to help the industry minimise the risks and costs associated with the transition to SuperStream.”

Proven over the past three years, this SBR-compliant solution is available for both Java and .NET and was developed in Australia specifically for SBR taxonomies. By encapsulating the SBR and XBRL rules, it allows developers to conform to SuperStream standards without having to learn XBRL.