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The Focus of Process SavingsFebruary 12th, 2010 by Stewart McKie - Executive Advisor
There’s a very interesting debate going on over at Daniel Robert’s blog that began by considering the extra effort that will be required for footnote tagging but in the comment thread moved to consideration of the process of S.E.C. XBRL reporting. Here I’d like to draw attention to the focal point of where any process ’savings’ are likely to be made. Read the rest of this entry » Rivet customers recognizing the benefits of XBRL for analyzing data takes only secondsDecember 21st, 2009 by Kevin Berens - VP, Products
At a time when most companies are seeking out software vendors to assist them with their XBRL tagging, our customers are seeing not only how Rivet can help them with this process, but also the huge benefit that can be recognized with XBRL. In fact, it is so easy to create these reports, that during our demos, we are turning the controls over to our customers and letting them create these reports. Read the rest of this entry » Creating XBRL reports, so easy a customer can do it (in a demo)December 21st, 2009 by Kevin Berens - VP, Products
Creating a report that compares your company to every company in your SIC code used to be so difficult. You needed to determine the companies in your SIC code. You needed to find the data for each company and download this into an Excel spreadsheet. You needed to then create a bunch of formulas to consolidate this data on a single sheet. And then next quarter you need to do this all over again. Read the rest of this entry » Really, really good stuff from Michelle Savage (XBRL-US) on Investor Relations and XBRLAugust 30th, 2009 by Emily Huang - Co-founder & VP, Business Technology
A recent interview published on www.irwebreport.com has caught my attention. In the article, Michelle Savage (VP of Communications at XBRL-US) has provided some really, really good advice for Investor Relations Officers (IROs) about what they need to know and do about XBRL. According to Michelle, the biggest challenges from an IRO standpoint are: The challenge is getting educated and feeling comfortable with what elements are being chosen — and being comfortable with how your own financials are converted into XBRL. That comes down to understanding not the technology, per se, but rather how your financial guys define your statements using XBRL tags, as well as how your industry or market peers and competitors do the same thing. CrossView: 3 Shot Walk ThroughAugust 25th, 2009 by Stewart McKie - Executive Advisor
Rivet recently released CrossView (read press release) - a free online tool for finding, viewing and managing SEC XBRL filings that delivers on the promise of interactive data. This post gives you a quick walk-through of the key features using just 3 screenshots from the product. You Can Outsource XBRL Tagging, You Can’t Outsource ComplianceJune 19th, 2009 by Emily Huang - Co-founder & VP, Business Technology
Part 3: How Rivet’s Dragon View can help companies fulfill the website posting requirementI recently received an email forwarded by our VP of Sales. In the email, a valuable partner said, “Our customers have asked how we can help them fulfill their XBRL website posting requirement, including providing a human readable view of the XBRL files if desired. We have customers getting ready to live-file their August 10-Qs in XBRL and they’d like to be proactive and have all their ducks in a row and ready for the website posting requirement that will also kick in with their August filings.” I know why this email was sent to me, and it put a smile on my face. When developing software, you ALWAYS, ALWAYS think that you are designing the features the customers would need and love, but you can’t always get them right. It’s so good to know that you have designed solutions that solve your customers’ problems. You Can Outsource XBRL Tagging, You Can’t Outsource ComplianceJune 18th, 2009 by Emily Huang - Co-founder & VP, Business Technology
Part 2: How Rivet’s Dragon View can help companies benchmark against other SEC filersOut of the 10,000+ reporting elements available from the US GAAP taxonomy, how do you know that your company has picked reporting elements consistently used by other SEC filers? Or reporting elements used by SEC filers that are in the same industry as your company? If you put on a reviewer’s hat, it might interest you to see how other filing companies have selected which reporting elements to use. Rivet discussed this “benchmark” concept with all the major accounting firms, and they agreed that the benchmark capability would be beneficial to companies and both internal and external reviewers. It would be especially useful if a company could compare their reporting element selections to the companies in their industry. You Can Outsource XBRL Tagging, You Can’t Outsource ComplianceJune 12th, 2009 by Emily Huang - Co-founder & VP, Business Technology
Part 1: How Rivet’s Dragon View can help companies review their XBRL filings before submissionDragon View is a friendly XBRL reviewing tool that can be used before submitting to the SEC or other filing agencies. Even though Dragon View has been on the market for a few years now, with the rapid adoption of XBRL in many countries and the recent SEC mandate, we have taken another critical look and redesigned the application so it’s better suited for preparers who need to review XBRL filings for accuracy and presentation quality. Rivet’s Summary of the 2009 US GAAP XBRL TaxonomyJune 2nd, 2009 by Christy Rohrs, CPA - Director of Corporate Compliance and Reporting
A Quick User’s Guide for PreparersThere are a lot of questions going around right now about when companies should be using the 2009 US GAAP Taxonomy for their XBRL filings. Per the Edgar Filer Manual located on the SEC website (http://www.sec.gov/info/edgar/edmanuals.htm), Edgar is anticipating being able to handle the 2009 Taxonomy in the third quarter of their fiscal 2009 year which is 6/30/09: It is anticipated that in the third quarter of Fiscal Year 2009, EDGAR Release 9.15.2 will introduce the following changes: 1) the existing US GAAP Taxonomy will be upgraded to 2009 US GAAP Taxonomy. 2) The US GAAP Beta 2.0 Taxonomy will no longer be supported and 3) Submission Type SH-ER Information Table XML documents will be validated against the schema included in the Submission Type SH-ER Information Table XML Technical Specification posted on http://www.sec.gov/info/edgar.shtml.
The Tail is Wagging the Dog – Right Now XBRL is Associated with Reporting DataMay 18th, 2009 by Ted Stavropoulos - Director of Business Development
Corporate filers are filing their returns in XBRL with no apparent benefit to them, or worse yet, the SEC or the investment community. So what’s the point? The point is you have to start somewhere, and that’s where we are. One of the benefits that will be driven by the data is an SEC that is enabled to more efficiently target both analysis and enforcement efforts. At some point, we will all benefit from the data that is being submitted to the SEC via the wisdom of crowds in evaluating corporate performance. And, XBRL will be the underlying technology that enables the army of analysts to act fast. |
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