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Rivet Announces Record Number of Produced Filings in Q2August 30th, 2011 by Patrick Quinlan - CEO - (2010 to 2011)
Patrick Quinlan discusses the company’s XBRL filings results and 2011 Inc. 500 award. XBRL as the new global financial reporting language has gained steam over the last couple of years primarily in the US because of the SEC mandate requiring all public companies to use it to file their financial reports. Now that the third wave of filers has been sequenced in, Rivet has seen an immense increase in the number of filings we produce for our clients. Read the rest of this entry » Units of Measure in XBRL FilingsAugust 26th, 2011 by Phil Mennona, CPA - Senior XBRL Compliance Manager
Phil Mennona, CPA – Senior XBRL Compliance Manager discusses units of measure in XBRL filings. The final part of my blog will discuss units of measure which is another common area of focus by auditors. First, let’s talk about the importance of units of measure. This concept is usually pretty obvious to most accountants. Some disclosures of monetary amounts may be expressed in US Dollars while other disclosures could be reported in a foreign currency such as Yen. XBRL provides a special attribute called the “unit reference” which distinguishes the units of measure among the values provided in your XBRL formatted information. Read the rest of this entry » Calculation Validation in XBRL FilingsAugust 23rd, 2011 by Phil Mennona, CPA - Senior XBRL Compliance Manager
Phil Mennona, CPA – Senior XBRL Compliance Manager discusses calculation validation of XBRL filings. The previous blog discussed a few considerations and limitations when including calculation relationships in the XBRL exhibits. In this section I will discuss calculation validation. Calculation validation is an item that is usually checked by validation tools and highlighted by auditors when performing XBRL related engagements. The highlighted inconsistencies should be reviewed carefully to determine if they warrant correction. This issue, probably more than any other, seems to instill immediate panic in filers. I think I get it. As accountants (a title that includes the word “count”) we are offended when something we are responsible for includes an issue referred to as “calculation error.” Our job often includes making sure that numbers line-up correctly without errors so the thought of this not happening does not settle well. Read the rest of this entry » XBRL at South by Southwest 2012August 22nd, 2011 by Jordan Woodard - Senior Compliance Manager
We have some exciting news to share. Rivet Software has presented two panels for SXSW Interactive 2012. Last year our panels on corporate sustainability and transparency made their way through the voting process and were featured during the conference. We’re hoping to make SXSW 2012 an even greater success. Take a moment to check out our panels and let us know what you think. If you like the ideas, vote for our panels! Beautiful Data – http://panelpicker.sxsw.com/ideas/view/10283 Panelists: Greg Ebert, Rivet Software; Stew Langille, Visual.ly; David McCandless, Information is Beautiful; Dr. Raymond Mooney, The University of Texas at Austin; Meg Aycinena Lippow, Google Data Standardization – http://panelpicker.sxsw.com/ideas/view/13317 Panelists: Jordan Woodard, Rivet Software; Eric E. Cohen, PricewaterhouseCoopers; Max Mansur, SWIFT; Liv Watson, XBRL International; Member of Congressional Staff (TBD) Thank you in advance for your support! 3 Steps Every Company Should Take in Corporate SustainabilityAugust 19th, 2011 by Patrick Quinlan - CEO - (2010 to 2011)
Patrick Quinlan recaps Wednesday’s panel “Sustainability Reporting: Measuring the Benefits of Going Green” at the American Accounting Association’s Annual Meeting and offers some guidance for companies interested in implementing sustainability reporting. We had a blast and learned a lot at our panel last week. Thanks to the 2011 Annual Meeting of the American Accounting Association, I knew the sustainability topic was becoming more popular and our experience during this event proved insightful. Our discussion didn’t just touch the surface of corporate sustainability; people asked real questions and got real answers from experts. Here are a few thoughts I’d like to share. Read the rest of this entry » Calculation Relationships in XBRL FilingsAugust 17th, 2011 by Phil Mennona, CPA - Senior XBRL Compliance Manager
Phil Mennona, CPA – Senior XBRL Compliance Manager discusses limitations and considerations when including calculation relationships in XBRL filings. In the last section of this blog series, I discussed the decimals attribute. In the next two blog sections, I will describe items related to calculations. In this section, I will discuss some limitations and considerations when creating calculation relationships in your SEC filing, and in the next section I will discuss calculation validation. Identifying appropriate calculation relationships can be one of the more complex areas of XBRL submissions to the SEC, so it is no surprise that this is another area of focus by auditors. Read the rest of this entry » Integrating XBRL Analysis and Tagging SoftwareAugust 15th, 2011 by Kris Brands - Assistant Professor of Accounting in the College for Professional Studies, Regis University
Guest blogger Kris Brands, Assistant Professor of Accounting in the College for Professional Studies at Regis University, discusses Rivet Software’s participation at the American Accounting Association’s Annual Meeting The American Accounting Association (AAA) held its annual meeting last week in Denver. The meeting was attended by almost three thousand accounting professors and accounting professionals with an interest in accounting academics. The conference serves as a premier forum to share information and ideas for accounting higher education. Rivet and I participated in two programs that were very well received. Read the rest of this entry » New ASU Fragment Hits FASB’s Website, Rivet Excited for the 2012 UGTAugust 12th, 2011 by Jordan Woodard - Senior Compliance Manager
Jordan Woodard, Rivet’s XBRL Compliance Manager discusses FASB’s recent releace of ASU 2011-050 Taxonomy Fragment and the 2012 Taxonomy at large Does it seem too early to discuss the 2012 taxonomy? Today, FASB released their proposed Taxonomy changes for Accounting Standards Update 2011-050 Comprehensive Income (Topic 220): Presentation of Comprehensive Income. I don’t want to be the guy that sings Christmas songs in July, but the new periodic release of taxonomy fragments get me excited for the release of official 2012 taxonomy draft. Read the rest of this entry » Decimals Attribute in XBRL FilingsAugust 10th, 2011 by Phil Mennona, CPA - Senior XBRL Compliance Manager
Phil Mennona, CPA – Senior XBRL Compliance Manager discusses how to effectively use the decimals attribute. In the first section of this 5 part blog, I talked about the critical issue of negative values. While many negative value issues significantly reduce the quality of data, I mentioned that it is important to scrutinize auditor comments or validation exceptions because they do not always warrant correction. The same will be true for this section and the 3 remaining parts of this blog series. The next common area of auditor concern to discuss is the decimals attribute. The decimals attribute in XBRL is used to convey the level of accuracy to which a fact is disclosed. In layperson’s terms, it is used to distinguish if an amount is presented, for example, “in millions” or “in thousands.” Read the rest of this entry » XBRL Offers Opportunity, Not Just HeadachesAugust 9th, 2011 by Charlie Hymer, CPA - Regional Sales Director
Charlie Hymer, CPA – Regional Account Manager, discusses the benefits of using XBRL for your financial reporting. It’s that time again — filing season. Compiling raw data into something people can understand is not only your job; it is something you like to do. Ok, others may think this is odd, but we accountants love it! Even though you spend countless hours preparing your financials and disclosures, when you see the final document on the SEC website with all the data in tables perfectly lined up the way you want it, you can do nothing but smile. Because as accountants we take great pride in our work, and of course it’s nice to say: “Yes, I am finally done!” Read the rest of this entry » |
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