XBRL Can (and Should) Do for the U.S. Government What It’s Currently Doing for Publicly-Traded Companies

October 27th, 2010 by Emily Huang - Co‑founder & SVP, Sales & Marketing

It was with great enthusiasm that I read the OpEd that was just published in the Washington Examiner (10/26/10, Technology is key to achieving 21st century transparency in government).  Representative Issa makes reference to how XBRL technology can be used to shine light in the dark recesses of government spending and reporting.

On occasion, we hear tales in the media of waste, fraud and abuse in our government.  Rep. Issa asserts that what we hear about is just the tip of the iceberg.  In order to get a truly accurate picture of misuse of government funds, we would need access to data that is buried deep in “complex, unmanageable bureaucracy.” Read the rest of this entry »


Posted in Transparency | 1 Comment »


Webinar Announcement: XBRL 101

October 27th, 2010 by Rivet Software

Estimates vary, but upwards of 10,000 companies will be affected by the third wave of the SEC’s mandate for XBRL filing. What exactly does this mean for those who are unfamiliar with this new financial reporting territory?

This webinar examines the fundamentals of XBRL filing – what it is and what it isn’t. What will an XBRL filing require from you, in terms of time and expense? Should you outsource the filing process, or manage it in-house? What are the consequences if you don’t get it right?

Join us for this informative session, led by Natalya Kuskin, a Sr. Account Executive at Rivet Software.  Rivet has submitted nearly 600 XBRL filings to the SEC and currently serves 25% of Fortune 500 companies for their XBRL needs.

Title: XBRL 101
Date: Wednesday, November 10, 2010
Time: 2:00 PM – 3:00 PM MDT

Register >>

We are looking forward to seeing you there!

Your Rivet Team


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Posted in Compliance, XBRL | 1 Comment »


Outsource XBRL, Manage the Process In-House or Something In Between

October 26th, 2010 by Barclay Friesen - COO

Companies that fall into the last wave of the SEC’s XBRL filing mandate have more options than ever as new XBRL vendors are setting up shop on a regular basis.  Word of caution: choose your provider with the same diligence you would choose a personal physician.  There’s a lot at stake when you get into SEC regulations.  XBRL financial reporting can be complex undertaking at first.  It is not something you want to have to start over in the future. 

Doing your homework and prep work now can save time and expense in the future.  The first thing you need to determine is exactly who will be managing your XBRL filing?   Your choice should be based on your company’s particular circumstances.  Read the rest of this entry »


Posted in Compliance, Solutions, XBRL | 1 Comment »


Lies, Darned Lies and Erroneous Statistics in CFO Magazine

October 14th, 2010 by Charlie Hymer, CPA - Regional Sales Director

As the financial world continues to evolve toward a transparent ecosystem through XBRL reporting, it’s interesting to see how open access to information can empower us in unpredictable ways. Take, for example, the October 12, 2010 article posted by David McCann on CFO Magazine’s website, “18,000 Tagging Errors in XBRL Filings So Far.” Thanks to the XBRL filing mandate, anyone with access to a computer can examine the data explored in this article and come to dramatically different conclusions.

I am generally happy to see the media covering anything related to XBRL and financial reporting because it’s still a mystery to many who don’t understand the implications. Education should only serve to further the cause, right? But Mr. McCann’s article asserts generalizations that simply don’t paint an accurate picture of how companies are approaching the SEC’s XBRL mandate. This sort of misinformation serves to muddy the waters that are already cloudy with uncertainty in this brave new world of financial reporting. Read the rest of this entry »


Posted in Compliance, XBRL | 2 Comments »


Crossfire 3.0 Released with New Online Reviewer’s Guide

October 4th, 2010 by Rivet Software

Just in time for the approaching SEC filing season, Rivet Software has launched an enhanced version of the Crossfire Financial Reporting Platform.  Among the major improvements in Crossfire 3.0 is an integrated Online Reviewer’s Guide that is getting rave reviews from beta users.  The new review system utilizes a single document that is stored, accessed and altered through Crossfire.  This eliminates the need for multiple versions of a document as it progresses through the review process.  Data integrity is maintained and there is less room for error.

Crossfire 3.0 also offers greater tag matching intelligence that makes it easier to add new content and make changes that are automatically updated throughout the document.  In addition, multiple users can now collaborate on a filing with greater ease.  XBRL templates can now be split between parties responsible for different portions of the document, and then merged back into a single master.

Current Crossfire users should attend a webinar this week to learn more about the new Online Reviewer’s Guide.  If you aren’t currently using Crossfire for your XBRL financial filings, contact an expert at Rivet for more information.


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Posted in Products, Solutions, XBRL | No Comments »