Earlier today, I listened in on PwC’s webinar “PwC’s Assurance Hot Topics webcast series – Spring PwC XBRL Webinar: How to make the best out of the XBRL Situation.” If you weren’t able to listen in, I’d seek out the archive and slide deck – (I’d include a link here, but I don’t think it is posted yet) – it was a great presentation. One point I wanted to reinforce was PwC’s observation that maybe 1/3 of the SEC requirements included in the EDGAR Filer Manual can be programmatically validated, the other 2/3 require some human judgment or input. We agree with this observation; and while we think Crossfire includes some of the most robust validation logic in the marketplace, we know that programmatic software tools alone will not result in a fully compliant submission. If any XBRL vendors are out there marketing that they fully test all EDGAR Filer Manual requirements, be wary.
In addition to software tools, filers of XBRL need to be up to date with the current SEC requirements (historically there has been at least a few changes every couple of months) as well as up to date on the latest SEC observations and other Best Practices (like those published by XBRL US).
Rivet stays current with the latest guidance by participating on task forces and committees of XBRL International, XBRL US, and the FASB, among others. We carefully review the latest SEC requirements, for example, it currently includes Version 16 of the EDGAR Filer Manual. For our filers moving to built-in solutions, we offer Rivet University – our dynamic library of training and XBRL education resources. For our clients utilizing full-service offerings, we provide well-trained teams of technologists and CPA’s who are up to date with the latest issues and we work with you to perform the procedures and reviews necessary.
No matter what tools or partners you are choosing to submit XBRL with the SEC, we hope that you are not relying solely on a validation tool that was sold as comprehensive or all-encompassing, because we believe no such tool exists (and will never exist given the SEC’s current requirements surrounding XBRL).
Tags: PwC, validation, webinar
