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December 28th, 2010 by Rivet Software
Whet your XBRL palate with this informative webinar that will give you taste of what to expect with the new taxonomy changes proposed for this year. The 2011 US GAAP Taxonomy includes 1,900 new elements, 500 new deprecated tags and 2,200 definition changes. More than 80% of recent XBRL reports will be affected by the deprecated tag changes alone. These numbers sound overwhelming, especially given the amount of work it took to get this far. But there are things your company can and should start doing now to prep for a smoother transition.
Title: 2011 US GAAP Taxonomy Appetizer
Date: Tuesday, January 11, 2011
Time: 3:00 PM – 3:45 PM ET
Register >
We are looking forward to seeing you there!
Your Rivet Team
Tags: GAAP, webinar
Posted in Taxonomies, XBRL | 1 Comment »
December 23rd, 2010 by Emily Huang - Co‑founder & SVP, Sales & Marketing
Seems like just yesterday I was sitting in strategy and design meetings to enhance Crossfire to work for mutual fund companies in preparing for the SEC’s mandate that takes effect on January 1, 2011. Also feels like just yesterday, I was working with the SEC to create specific rendering engine logic to support the rendering of the risk/return summary filings. Now that Rivet actually has two of these risk/return summary filings under our belt, I would like to share some thoughts about what it took to get here.
Read the rest of this entry »
Posted in Mutual Fund, XBRL | 1 Comment »
December 22nd, 2010 by Raul Varela, CFA - VP, Strategic Initiatives
On December 17th Rivet Software hit yet another milestone by creating the first Mutual Fund XBRL filings submitted to the SEC. Of course we are thrilled that our software and services created especially for Mutual Fund companies were successful. Rivet has been preparing for that first risk/return summary filing for more than a year… technology development, beta testing, building a Mutual Fund team of experts, and more.
Beyond these fundamental pieces that made those first filings successful, it’s worth mentioning that another mission-critical part of the equation is the teamwork that went into making it happen – not just within our office. I’m referring to the teamwork between the filing agent/printer and Rivet. Read the rest of this entry »
Posted in Compliance, Mutual Fund, XBRL | 1 Comment »
December 21st, 2010 by Mike Evans - Sr. Product Manager
A little more than two months ago Rivet Software released Crossfire 3.0 and in a blink of the eye (by high tech standards) we just launched Crossfire 3.5 with some truly sophisticated new features based on both internal and external user input. THIS is a story worth telling, but the significance of this feat is lost on just about anyone but the most astute accounting or tech geeks.
I’ve engaged in many conversations with wide-eyed, tech-savvy people who salivate when I explain what we’re doing with software at Rivet. It takes a significant amount of effort to make complex technology easy to use. But just try telling this story to the average guy or gal on the street, and you’ll mostly get blank stares and polite nods. Read the rest of this entry »
Tags: crossfire
Posted in Products, XBRL | No Comments »
December 17th, 2010 by Stewart McKie - Executive Advisor
SAP’s further investment in XBRL technology indicates that the leading ERP vendors are well-aware of a new way of expanding their organizational footprint by going after what SAP calls a complete end-to-end financial close solution. But what exactly does ‘end-to-end closing’ mean? Read the rest of this entry »
Tags: ERP, SAP
Posted in Analytics, XBRL | 1 Comment »
December 15th, 2010 by Stewart McKie - Executive Advisor
Understanding the difference between data-centric and document-centric information management in the context of XBRL is key to grasping its utility. As Gary Thompson says in a recent blog post :
A financial report or an electronic health record are not data sources but are instead presentation layers by which data is consumed.
There are in fact three layers to a financial report: the data layer, the content layer and the presentation layer. And it’s important to be clear about why using a data standard, like XBRL, is important at the data layer. Read the rest of this entry »
Posted in Communication, XBRL | 1 Comment »
December 14th, 2010 by Stewart McKie - Executive Advisor
Remember that scene in The Deerhunter when Michael holds up a rifle bullet and says: This is this…
One of the points he is making is that sometimes there’s just one small thing that makes a difference, a big difference. That single round makes a big difference to the deer, the Russian roulette player, the POW in a card game with his heavily-armed captors.
I’m lucky enough to be able to walk on a local hill most mornings and sometimes as I stand on the summit I can see the moon in the early morning sky. And I think…if it wasn’t for gravity I would just be ripped from the earth and propelled into space. Blasted away, before you’ve even had a chance to down your skinny latte and blueberry muffin for breakfast (or in my case, pint of Scrumpy and bowl of Dorset knobs).
It’s a truly grounding thought isn’t it? Gravity is the one thing that holds me on earth (apart from salty liquorice that is). If someone switched it off tomorrow (gravity – not the black stuff) we’d all just shoot off into oblivion. It’s that kind of difference I’m talking about.
So I’m wondering. Is there one thing that will make the difference for XBRL? And if so what is it? Read the rest of this entry »
Posted in XBRL | 1 Comment »
December 13th, 2010 by Stewart McKie - Executive Advisor
Daniel Robert’s recent post Third Tier Filer Options – XBRL does a good job of outlining the three approaches to XBRL filing that face ‘third tier’ or ‘wave three’ filers in the USA. If you read this blog you’ll know that Rivet already occupies a leadership position as a service provider for delivering XBRL filings to the S.E.C. But here I want to propose that despite all that, we agree with the last part of Daniel’s provocative statement :
The one small problem is that the only people providing any education (all those nice free webinars) all have vested interests – to scare the stuffing out of the filers, so that they will outsource the entire process. This is counter productive. Read the rest of this entry »
Posted in Compliance, XBRL | 1 Comment »
December 9th, 2010 by Rivet Software
Rivet Software is the leading XBRL provider, with nearly 1000 SEC filings to date, including 25% of all Fortune 500 companies. Our market share continues to grow, our accuracy and on-time rate is among the highest in the industry, and we have the largest staff of XBRL expertise in the nation. SO WHAT? Why are these numbers important for our clients and prospective clients? How does this success translate into better XBRL products, services and ultimately peace of mind for those who entrust us with their SEC compliance?
Join us for this informative panel discussion to learn about the methodology that has catapulted Rivet from the #5 XBRL provider in Q1 to #1 in Q4. For the first time ever, we have assembled a panel of people from the trenches at Rivet to speak in a webinar available to non-clients. This event will close with an open Q&A session for this panel comprised of Sr. Compliance Manager, Jordan Woodard; Sr. Product Manager, Mike Evans; Subject Matter Expert, Alice Coyne; and VP of R&D, Emily Huang.
*Holiday Bonus: Starbucks gift cards for first 20 registrants who attend webinar.
Title: XBRL Behind the Scenes
Date: Wednesday, December 15, 2010
Time: 3:30 PM – 4:30 PM ET
Register >
We are looking forward to seeing you there!
Your Rivet Team
Tags: Growth, Market Share, webinar
Posted in XBRL | 3 Comments »
December 7th, 2010 by Patrick Quinlan - CEO - (2010 to 2011)
As a company with roots firmly planted in the financial reporting industry, we LOVE numbers. In fact, it’s just about impossible to throw a calculator anywhere in our office without hitting an accountant with his or her head buried in a financial statement.
So you can imagine the delight that ripples throughout Rivet’s headquarters when we reach a new milestone dictated by numbers. Most recently, we were truly elated over an analysis of our quarterly progress in 2010.
The numbers mean a lot to us at Rivet, but why should a client or prospective client care about how many SEC filings we’ve completed, or what Rivet’s market share is? I had this discussion with some new hires last week and it occurred to me that the real “story behind the numbers” is one worth reiterating both internally and externally. To that end…
The Top Ten Reasons Clients Benefit from Rivet’s Outstanding Numbers
- Bigger by Design. Steady market share growth validates the fact we’ve created a scalable business model. This means our client work will not suffer as we grow. We have mastered the resource planning challenges that competitors new to the market will struggle with for quite some time.
Read the rest of this entry »
Tags: Growth, Market Share
Posted in Compliance, XBRL | 1 Comment »
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