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March 3rd, 2010 by Charlie Hymer, CPA - Senior Account Executive
The Cloud Report is a validation tool created by a third party to assist with the XBRL filing process. In fact, some printers use this tool as their validation tool for their XBRL clients. Rivet currently uses its own proprietary tool to perform this function and does not rely on a third party for its validation. In addition, Rivet’s validation rules are based on official SEC guidelines, as are documented in the EDGAR manual. We work very closely with the SEC to ensure our interpretation of the SEC guidelines adhere to the EDGAR manual appropriately. Read the rest of this entry »
Tags: Cloud, EDGAR, SEC, XBRL
Posted in Compliance | No Comments »
February 18th, 2010 by Charlie Hymer, CPA - Senior Account Executive
The cloud of fear surrounding the next phase of the XBRL Mandate, Detail Tagging, has been growing darker as vendors release the numbers on just how many tags are going to be required to be compliant. The truth is, some companies’ notes have a whole lot of numbers (sometimes in the thousands) that are going to need tags when the time comes. Because of the breadth and intricacy of such an undertaking, it’s important to make sure that your provider has a grasp on what they’re doing. At the end of the day, the printer doesn’t sign off on your financials, you do. Read the rest of this entry »
Tags: Detail Tagging, XBRL
Posted in Compliance, Control, XBRL | 1 Comment »
February 12th, 2010 by Stewart McKie - Executive Advisor
The C words – complexity and chaos or clarity and communication are at the root of the Global Accounting Alliance’s (GAA) latest report – Making Financial Reporting Simpler and More Useful (The Way Forward). People seem to think that financial reporting is too complex, there is not enough clarity and that existing standards, as they evolve guided by committees of blind watchmakers, are contributing to the chaos. The GAA ends the report with this statement:
It is a question of human behaviour. The continual urge to add more and more refinements and additions to the financial reporting process has to be curtailed. There has to be an active effort to remove elements which are now either unneccesary or have been found wanting.
Financial reports have become Maslovian examples of ’self-actualization’ carried to extremes (are you lost yet?)
The GAA aims to ‘nudge’ all the players in the financial reporting debate to make the necessary changes. Now I don’t know about you, but when people nudge me I tend to elbow them back and the next thing you know, the whole bar is on its way to A&E. Read the rest of this entry »
Tags: GAA
Posted in Communication, Compliance | No Comments »
February 9th, 2010 by Stewart McKie - Executive Advisor
An excellent article in the Journal of Accountancy – Avoiding Common Errors of XBRL Implementation – has some useful best practice advice in the sections entitled ‘Mapping Tips’ and ‘A Strong Process for Preparing XBRL Documents’. Two of the article tips in particular are worth highlighting here:
Educate management that ownership of XBRL submissions belongs to the company, not the outsourcer.
Educate management that this is an accounting and reporting process, not an IT process.
Posted in Compliance, XBRL | 2 Comments »
February 2nd, 2010 by Stewart McKie - Executive Advisor
The Auditing Practices Board (APB) of the Financial Reporting Council (FRC) has published a useful set of guidelines for auditors, XBRL Tagging of Information in Audited Financial Statements – Guidance for Auditors, which also functions as a good introduction to certain aspects of the use of iXBRL in the UK. Read the rest of this entry »
Tags: Auditing
Posted in Compliance, Control, XBRL | 1 Comment »
January 22nd, 2010 by Stewart McKie - Executive Advisor
A couple of years ago, the chairman of the International Accounting Standards Board, Sir David Tweedie, is reported to have said “the future of financials is non-financials”. But I would like to suggest that in fact, the future of financials is feet. Or at least that’s the way it seems here in the U.K. as we prepare for corporate footprint reporting in July 2011. Read the rest of this entry »
Tags: CRC
Posted in Compliance | 3 Comments »
January 21st, 2010 by Chris Taylor, CPA - VP, Professional Services
The advancement of eXtensive Business Reporting Language (“XBRL”) technology along with the three-wave SEC mandate for submitting financial information as interactive data has created a tsunami for external reporting professionals at public companies. The first year interactive data SEC filing requirement has been commonly referred to as block tagging. This means that in addition to tagging the body of the financial statements the individual footnotes are each block tagged with an appropriate element from the company’s chosen XBRL taxonomy. The second year interactive data SEC filing requirement includes all the first year requirements, but then requires the additional three-levels of detail tagging for the financial statement footnotes. Read the rest of this entry »
Tags: Compliance, Outsourcing, SaaS, XBRL
Posted in Compliance, Control, SaaS, Solutions, XBRL | No Comments »
January 18th, 2010 by Stewart McKie - Executive Advisor
The results are in from the November 2009 survey of XBRL Preparedness by the AICPA/XBRL US. The good news is that almost half the respondents (45%) said that preparing their XBRL filings was easier second time around. But then most things are. On the other hand respondents recognized the challenges of mapping/tag selection (15%), getting educated (10%), and validation (9%). Now I know this was not part of the survey remit but an aspect of ‘preparedness’ that was not addressed is what businesses are preparing to do when all their peers and competitors are also filing in XBRL? Read the rest of this entry »
Posted in Communication, Compliance, Control, Uncategorized, XBRL | 1 Comment »
January 6th, 2010 by Stewart McKie - Executive Advisor
UK Publication Accountancy Age is celebrating its 40th birthday, so it asked the ‘experts’: What will the next 40 years hold for the profession?
Ted Awty audit partner, KPMG, offered this:
Common reporting internationally will drive consistent global approaches. IT developments are key. We shall see comprehensive embedded audit tools highlighting control compliance and exceptions, running irrespective of year ends. These could extend along the entire supply chain in many industries and will deal with all of the information at the core of reporting. Beyond this the use of judgment in many areas will remain and the auditor will need to be equipped to identify, test and confirm these judgments. With common international reporting and a global IT infrastructure, the profile of an auditor should be more consistent across the world leading to a global qualification and an auditor population that has shifted towards the main global economic centres of the day.
So what’s that got to do with XBRL? Read the rest of this entry »
Posted in Compliance, XBRL | 3 Comments »
December 22nd, 2009 by Emily Huang - Co-founder & VP, Business Technology
SEC Final Ruling
A few known facts from the final ruling for the Interactive Data for Mutual Fund Risk/Return Summary that you might be interested to know: Read the rest of this entry »
Tags: Compliance, Interactive Data, Mutual Fund, Risk/Return, SEC, XBRL
Posted in Compliance, Mutual Fund, XBRL | No Comments »
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