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Continuous ComplianceFebruary 22nd, 2010 by Stewart McKie - Executive Advisor
Governance, Risk and Compliance (GRC) spending is increasing in the face of more regulation and investor demand, which is why Continuous Control Monitoring (CCM) software is expected to be a top investment in 2010 according to analysts AMR Research. The interest in CCM is another good reason for using XBRL internally within your organization. Read the rest of this entry » Fear Factor: Detail Tagging EditionFebruary 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 » Audit ThreatsFebruary 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 » The Seamless Audit TrailJanuary 25th, 2010 by Stewart McKie - Executive Advisor
Eric Cohen and other XBRL-GL evangelists have been advocating the idea of a seamless audit trail for some time now. Potentially there’s a lot of complexity to this idea involving metamodels of ERP data in UML and so on. But I’m a simple person, so I tend to think of the seamless audit trail as a refinement of a basic function of any accounting or financial reporting software package: Drilldown. Read the rest of this entry » Choosing an XBRL Solution: Outsource vs. In HouseJanuary 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 » XBRL Preparedness: But for What?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 » A Contract for Emissions MonitoringDecember 20th, 2009 by Stewart McKie - Executive Advisor
Charlie Hoffman’s recent blog post A Contract for Meaning raises the interesting point that One form of writing an information exchange contract is an XBRL taxonomy, which got me thinking about Copenhagen, transparency and the Internet of Things. Read the rest of this entry » Data Integrators and Adapters – Helping to Automate ComplianceDecember 10th, 2009 by Keith Gardner - Software Quality Engineer
Some of the most intriguing functions in our new Controller package, are the data integrators and adapters. What they do is enable you to automatically transfer data early in the financial reporting process. And that has lots of useful benefits. Read the rest of this entry » AICPA Chair Gets XBRLOctober 21st, 2009 by Stewart McKie - Executive Advisor
It’s good to know that Robert Harris, the newly elected AICPA chairman, gets XBRL. In a recent Journal of Accountancy article (Nov. 2009), Harris was quoted as saying: Read the rest of this entry » XBRL & Crossfire make me want to get an MBA in AccountingOctober 6th, 2009 by Natalya Kuskin - Account Executive
During a call with a potential client last week, I mentioned that Rivet’s Crossfire Financial Reporting Platform makes numbers so exciting that I want to go back to school for an MBA in Accounting. He laughed and revealed that nowadays, being an accountant is less about numbers or analysis and more about rules and mandates that govern how a number is presented. |
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