TYLER TECHNOLOGIES INTRODUCES GASB 34 REPORTING SOLUTION
Innovative New Reporting Software Helps Governments Address New Accounting Standard
|
Dallas, Texas, August 29, 2002 —Tyler Technologies, Inc. (NYSE: TYL) announced today that it has released a complete reporting solution to enable governments to comply with the new requirements of Statement No. 34 of the Government Accounting Standards Board (GASB 34). While many software providers are still working to make their general ledger systems capable of handling just the data management requirements of GASB 34, Tyler recently unveiled its new GASB 34 Reporter product, which is now available to government organizations and schools nationwide.
GASB 34 establishes new financial reporting requirements for state and local governments and special-purpose governments such as school districts and public utilities. For general-purpose governments, it affects Management’s Discussion and Analysis (MD&A), as well as the basic financial statements. Its phased implementation will create new presentation formats and will restructure much of the information that governments have presented in the past. These new requirements were developed to make annual reports more comprehensive and easier to understand and use. The requirements GASB 34 introduces will become effective in three phases based on a government’s total annual revenues.
“Tyler’s vision for the GASB 34 Reporter project was to develop an application with the power to produce audit-ready, GASB 34-compliant financial statements with push-button ease,” commented John M. Yeaman, Tyler’s President and CEO. “With that goal, our development team went to work to make our vision a reality. The result is a product that has the technical sophistication to tackle the complexities of the reporting required by GASB 34, together with the ease of use of a Web browser.”
Starting with basic financial data, which can easily be imported from virtually any general ledger system, Tyler’s GASB 34 Reporter will produce all of the new basic financial statements required by GASB 34, including both the “direct method” and the “indirect method” statements of cash flows. The system employs an intuitive “Universal Import” process to capture account data, and then performs sophisticated analysis of the data. Using an innovative walk-through approach, GASB 34 Reporter guides the user through the entire preparation, adjustment and reporting process.
Tyler’s new GASB 34 Reporter is designed to meet the needs of government organizations and schools of virtually any size. Among the first customers that have contracted for the new GASB 34 Reporter system are Westchester County, New York and the City of Yonkers, New York. Westchester County, located just north of New York City, has a population of over 925,000 and is among the top ten counties in the United States in average per capita income. The City of Yonkers, which borders New York City, has a population of approximately 200,000 and is the fourth-largest city in the state. The system’s broad scale appeal has been validated by contracts with local government clients serving populations as small as 5,000. Tyler also plans to release an auditor’s version of the software later this year that will include additional features designed for firms servicing multiple government clients.
Based in Dallas, Tyler Technologies is a leading provider of end-to-end information management solutions and services for local governments. Tyler partners with clients to make local governments more accessible to the public, more responsive to needs of citizens, and more efficient. Tyler's client base includes nearly 6,000 local government offices in 49 states, Canada and Puerto Rico. More information about Tyler Technologies can be found on the World Wide Web at www.tylertechnologies.com.
Tyler Technologies, Inc. has included in this press release "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning its business and operations. Tyler Technologies expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any change in its expectations. These expectations and the related statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, changes in competition, changes in general economic conditions, changes in the budgets and regulatory environments of the Company's customers, risks associated with the development of new products and the enhancement of existing products, the ability to attract and retain qualified personnel, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
####
|
Aug 28, 2002 |
|