We’ve been taking a look at the latest data from the XBRL Cloud that summarizes various stats on XBRL filings made to the S.E.C. during 2009 and 2010 (to date). And whatever way you look at it, Rivet is doing well in terms of providing XBRL 10-Q and 10-K filing services. But the real question is why?
Well here are a few reasons:
1. The number of filings have gone up
As the S.E.C. mandate kicks in, more companies are required to file so the ‘pie’ has got bigger. Obviously this should have a positive impact on all software companies providing XBRL filing services.
2. The filing requirements are getting more complex and the scope is widening
As new filing criteria are added, like detail footnote tagging, not all XBRL reporting software may be able to support the new requirements or support them well. Rivet works closely with the S.E.C to ensure that our software keeps up with new and changing filing demands. We are also agile enough to able to respond quickly and effectively as the filing scope expands e.g. to embrace mutual funds.
3. We’ve been doing this for a while
Rivet’s founders and management team have been in the corporate reporting software business since the early 1990′s and Rivet was in the XBRL reporting business some years before the S.E.C. mandate came into force. Some of us have been engaged with XBRL since early 1999, which is not long after Charlie Hoffman first had the idea and when it was known as XML-based Financial Reporting Markup Language or XFRML. So we’ve been around the block and know a thing or two about corporate reporting and the long-term potential of XBRL.
4. We’re not just about technology and tagging
Producing an accurate XBRL S.E.C. filing is not just about technology and tagging. To figure out whether to extend the US-GAAP taxonomy or not or what is the best tag to use for a specific reporting line requires both tagging smarts and accounting knowledge. That’s why our tag teams have access to our on-staff-CPAs so that our technology skills are complemented by our accounting skills.
5. We see the bigger picture
XBRL is about much more than tagging and compliance, it’s about a better way to control and communicate information. Rivet’s Crossfire Reporting Platform is fully-XBRL enabled and can make use of any XBRL taxonomy used anywhere around the world so it’s ideal for use in multinational corporations. But Crossfire is equally capable of producing all kinds of internal corporate reporting formats – including the ‘new’ integrated reports that combine financial and non-financial information in the same reporting context.
We’re looking forward to an even better year in 2011.
Tags: SEC
