The American Institute of Certified Public Accountants (AICPA) has developed an initiative that will encourage standardized digital financial statement formats using extensible markup language (XML). The program provides a framework that will allow users to easily publish financials and reliably extract and automatically exchange data.

FRx Software Corporation, a leading provider of financial reporting and analytic applications, soon will release its product, “Vulcan,” in response to the need created by the initiative. XML takes full advantage of the Web. The language supports the complex reporting structure required for financials and allows easy transfer of data.

The software also can help get financials to clients very quickly. The efficiencies realized from systematic data generation will allow advisors to focus on value-added services.

For more information about Vulcan and other products call 1-800-379-8733 or visit FRx.