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November 30th, 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 requirement?
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?
Rivet has submitted more than 800 XBRL filings to the SEC this year and currently serves 30% of Fortune 500 companies for their XBRL needs. In this webinar, we will share insight and recommendations based on this experience. This webinar is free, but space is limited, so reserve your spot today!
Title: XBRL 101
Date: Thursday, December 2, 2010
Time: 10:00 AM – 11:00 AM MST
Register >
We are looking forward to seeing you there!
Your Rivet Team
Tags: webinar
Posted in XBRL | 1 Comment »
November 30th, 2010 by Stewart McKie - Executive Advisor
Here in the UK, all central government bodies that produce Annual Reports and Accounts in accordance with HM Treasury’s Government Financial Reporting Manual (FReM) are required to include a section in their Annual Report covering their performance on sustainability from 2011-2012. This year, 2010-2011, is termed the ‘dry-run’ year - a bit like when the S.E.C. trialled XBRL with its voluntary filing program.
The sustainability reporting required is relatively simple but we are warned that ‘the guidance will be updated annually‘ – Government code for expect more complex compliance to come. Note that there is no mention of XBRL so far but the guidance contains lots of excellent information on what a sustainability report could look like and how it is constructed. How soon before the US follows?
Tags: UK
Posted in Communication, Sustainability | 1 Comment »
November 30th, 2010 by Stewart McKie - Executive Advisor
XBRL Planet’s list (or map) of XBRL Projects around the world is impressive. It highlights the fact that XBRL really is an international language for contextualizing data and succeeding where efforts like Esperanto failed. After all, how many people have a copy of Universala Vortaro, the Esperanto dictionary on their bookshelf or would recognize this friendly greeting (seldom heard in polite company): Kiel vi fartas?
For the global financial ecosystem to work, for data comparability to truly cross borders, it has to be based on a common language (i.e. globally agreed and shared taxonomies) rather than a series of dialects, which in data terms, become just another row of silos attracting the tumbleweeds. That’s why the adoption of global reporting standards like IFRS and the efforts of initiatives such as the International Integrated Reporting Committee (IIRC) are so important.
At the moment we have a lot of GAAPs in XBRL. For XBRL to truly power a global financial ecosystem of comparable data the emphasis now has to be on changing that last column in XBRL Planet’s list (IFRS Status/Info) from ‘not permitted’ to ‘required’. Otherwise all the future generations will be able to say about XBRL is: Tio estas hundo.
Posted in XBRL | 1 Comment »
November 18th, 2010 by Stewart McKie - Executive Advisor
One of the takeways from the recent XBRL conference in Philadelphia was expressed by Paul Penler, an executive director at Ernst & Young (as reported in Compliance Week):
As time progresses, companies need to beef up their review processes and put more resources in place.
Penler’s comment is based on the likelihood that XBRL regulatory compliance will become more complex over time and that limited liability for filings only extends for 2 years from an initial filing and expires entirely in 2014.
So who is impacted by and what is involved in the pre-filing review process? Read the rest of this entry »
Tags: Folio Reviewer
Posted in Analytics, Compliance, XBRL | No Comments »
November 17th, 2010 by Barclay Friesen - COO
My last blog post about Style vs. Substance is a natural precursor for a candid discussion about product demos. When searching for an XBRL provider to support your SEC financial filing needs, participating in a software demonstration is extremely important. Even more important, you need to be prepared to view the demo with a critical eye. Read the rest of this entry »
Tags: financial filing, xbrl provider, xbrl software, xbrl vendors
Posted in Compliance, XBRL | 1 Comment »
November 16th, 2010 by Rivet Software
Rivet Software has taken its most tested, used and proven XBRL software solution, Crossfire Compliance, and tailored functionality specifically for mutual fund companies. Crossfire Compliance for Mutual Funds is a powerful application designed to help companies comply with the mandate issued by the SEC that all open-end mutual fund companies must submit risk/return summary information in XBRL-format beginning in January 2011. Read the rest of this entry »
Tags: Compliance, mutual funds, XBRL
Posted in Compliance, Mutual Fund, XBRL | No Comments »
November 10th, 2010 by Stewart McKie - Executive Advisor
The 2010 XBRL US National Conference is now underway in Philadelphia with the theme: The Path to Transparency. So it seems a good time to pose the question of whether the path to transparency is a Macbethian ‘primrose way to the everlasting bonfire’ or a Stallonian ‘rocky road to righteousness’? Read the rest of this entry »
Posted in Transparency, XBRL | 1 Comment »
November 9th, 2010 by Barclay Friesen - COO
To build on my previous post about getting the right support from your XBRL vendor, I’d like to share some additional food for thought in navigating the world of financial reporting providers.
Last month IBM announced the acquisition of an XBRL technology company, which ignited lots of chatter in financial reporting circles. When a technology superpower like IBM makes a move of this nature, people notice (media, investors, other biz superpowers, etc.). The acquisition served as a very public validation that venturing into the XBRL business can be both strategic and lucrative. Read the rest of this entry »
Tags: financial reporting, IBM, XBRL
Posted in XBRL | 1 Comment »
November 8th, 2010 by Stewart McKie - Executive Advisor
According to The Daily Telegraph, the UK’s Carbon Reduction Commitment (CRC) that came into operation in April of this year has now morphed into – you guessed it – a stealth tax on carbon emissions. The complex league table of carbon emitting leaders and laggers with bonuses and penalties has been swept away in favour of a simpler version now dubbed the ‘Energy Efficiency Scheme’. Read the rest of this entry »
Tags: carbon
Posted in Sustainability | 2 Comments »
November 8th, 2010 by Stewart McKie - Executive Advisor
Microsoft announced a new process for the way it communicates investor relations (IR) information that essentially bypasses the newswires and minimizes the gap between filing its 10-K, 10-Q and 8-K with the S.E.C. and communicating this information to its stakeholders. XBRL continues to have an important role to play in closing this gap and in making Microsoft’s IR data easily available for analysis by applications that can consume XBRL.
Tags: Microsoft
Posted in Transparency, XBRL | 1 Comment »
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