World's First 'Unified Financial Governance' Solution - Clarity FSR(TM) 6.5 - Debuts at Vision:09 Conference

    Customers at Vision:09 - Clarity's worldwide annual users' conference -
    get first look at Clarity FSR(TM) 6.5; software that automates financial
    governance processes

    TORONTO, May 14 /CNW/ - Clarity Systems today announced general
availability of Clarity FSR(TM) 6.5, a comprehensive, unified financial
governance solution created for the Office of Finance to help improve
financial processes and controls. As a single, unified financial governance
solution, Clarity FSR supports the following critical financial functions:

    Statutory Reporting
    -   Clarity FSR provides advanced functionality to automate the creation
        and submission of statutory filings (like 10-Ks and 10-Qs in the USA)
        as well as automate key internal documents such as the Board Book.
        Clarity FSR improves the efficiency and reduces the risk inherent in
        the external reporting process, with key features such as: seamless
        integration with source data, workflow, audit trail, validation
        rules, collaboration, and compliance checklists.

    Regulatory Reporting
    -   Each industry has its own set of regulatory reporting requirements.
        Clarity FSR is ideally suited to automate the creation of regulatory
        reports to improve the efficiency, reduce the risk and improve the
        oversight and control of these critical business processes.

    -   XBRL is fast becoming the world-wide standard for the exchange of
        business information. The U.S. Securities and Exchange Commission has
        recently mandated its use for all public companies - based on a three
        year phase in program. As the only fully integrated XBRL solution
        available today, Clarity FSR is ideally suited to help companies
        comply with the SEC's XBRL mandate.

    Reconciliation Management
    -   There are a number of accounts in the trial balance that need to be
        reconciled during the financial close process as well as at
        predetermined periods throughout the month. Clarity FSR helps
        companies automate this reconciliation process in a controlled and
        auditable environment. Furthermore, Clarity FSR's account
        reconciliation dashboard provides management with effective oversight
        to monitor and manage the status of all account reconciliation

    Continuous Controls
    -   A traditional month-end process has been the norm for identifying
        discrepancies between systems and/or within a given system. With
        Clarity FSR's Continuous Controls capabilities, users can
        automatically identify anomalies within their operating environment -
        so that they can react and take action more quickly.

    GAAP to IFRS Conversion
    -   The IFRS accounting standard is being adopted by jurisdictions around
        the world. Clarity FSR helps companies transition from local GAAP to
        IFRS within a controlled and auditable environment. With Clarity FSR
        users can avoid major surgery to your ERP or consolidations system
        and still satisfy the IFRS statutory reporting requirements.

    Enterprise Risk Management
    -   Enterprise risk management (ERM) is the art of managing risks while
        seizing opportunities related to the achievement of an organization's
        objectives. Clarity FSR helps organizations document their risks and
        opportunities and assess them in terms of likelihood and magnitude of
        impact, so that they can determine a response strategy, and monitor
        progress towards risk mitigation.

    CSR Reporting
    -   Corporate social responsibility (CSR) reporting is increasingly
        becoming a mainstream practice and an important mechanism for
        organizations to manage performance, communicate value to multiple
        stakeholder groups and honor the triple bottom line of People, Planet
        and Profit. Clarity FSR provides a comprehensive solution to create
        and manage an organization's CSR reports.

    As a single unified financial governance solution, Clarity FSR provides 
these value propositions to its customers on a single technology platform,
with a single training program, with a common user interface, and with only
one solution to maintain - leading to an overall lower cost of ownership.
    Originally launched in January 2007 as a unique solution for automating
the creation and filing of financial reports, with today's announcement
Clarity FSR 6.5 has evolved into a comprehensive unified financial governance
    "The underlying architecture of Clarity FSR first lent itself to
automating internal and external reports including filings to regulators such
as the U.S. Securities and Exchange Commission and the UK's Financial Services
Authority," said Mark Nashman, President & CTO, Clarity Systems.
    "Since the initial launch of Clarity FSR, we have continually enhanced
the product's core capabilities. With today's announcement we have extended
the power of Clarity FSR to deliver a true Unified Financial Governance
solution," continued Nashman.

    Genesis of Unified Financial Governance

    The need to enhance financial controls within companies and better report
the results to regulators prompted a leading industry analyst in October 2007
to issue recommendations for CFOs and IT professionals reviewing applicable
technology solutions(1). Clarity FSR 6.5 is a unified solution that delivers
on the financial governance vision outlined in this report.

    Clarity Systems

    Clarity Systems delivers software solutions to the Office of Finance. The
company's software helps organisations around the world improve their
budgeting, planning, consolidations, scorecarding and management reporting
processes, and also automates the external reporting processes required to
produce regulatory and statutory reports. Clarity's unified applications help
CFOs reduce risk while simultaneously improving operational efficiency. For
more information, please visit Clarity's website at or
call 44 (0) 2031784038 in the UK or 1-877-410-5070 in North America.

    (1) Financial Governance Will Emerge to Enhance Financial Controls and
        Regulatory Reporting (Report No. G00152329) by John E. Van Decker and
        Nigel Rayner, Gartner, published October 11 2007.

For further information:

For further information: on Clarity Systems, please contact: Dave
Paolini, Communications Manager, Clarity Systems Limited, (647) 242-1184,

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