Gift Yourself 12 Minutes

October 1st, 2009 by Stewart McKie - Executive Advisor

Campbell Pryde, Chief Standards Officer of XBRL US, has been presenting at the recent National Information Exchange Model (NIEM) event in Baltimore. In a Tweet from the conference, Mr. Pryde said:

campbell pryde: using #XBRL to comp. top 12 assets of financial companies, it took 15mins, 12mins was spent figuring our excel :)

We know how to cut that 15 minutes to just 3. It’s called CrossView and CrossView lets you compare the financials of SEC corporate filers without the need for importing and massaging data in Excel. There’s no need for macros and formulas and naturally you can always export data from CrossView into Excel if you wish.

So please. Use CrossView. Gift yourself those precious 12 minutes.

Just think what you can do with 12 minutes: Gaze at the night sky, smell the autumn leaves, break out that pogo stick you have hiding under your desk and see if you can make it to Starbucks…




Reporting: Back to Basics

August 26th, 2009 by Stewart McKie - Executive Advisor

Every now and then it’s useful to go back to basics to refresh your thinking on a topic. That’s why it’s worth reminding yourself of section 24 of the IASB’s Framework for the Preparation and Presentation of Financial Statements, which discusses the 4 qualitative characteristics of financial statements, namely:

  1. Understandability
  2. Relevance
  3. Reliability
  4. Comparability

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XBRL Text Block Tagging; Easy as 1, 2, 3

June 3rd, 2009 by Brian Larson, CPA - Software Quality Engineer

With the SEC’s final ruling on XBRL issued earlier this year, the commission made a decision that a filer’s first year filing shall include the footnotes and financial statement schedules tagged in blocks of text (http://www.sec.gov/rules/final/2009/33-9002fr.pdf pg 7, but labeled as pg 6781). This decision greatly simplifies the tagging process in the first year. In subsequent years, each filer will be required to create a more detailed filing but that’s a subject for another day. Let me show you how easy it is to create text blocks for your notes using Rivet Dragon Tag and CrossTag software.

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Realizing the Benefits of XBRL by Focusing on the User

May 10th, 2009 by Ted Stavropoulos - Director of Business Development

A very clever developer once asked me, “If you knew the molecular structure of wine would it taste any better?”

I said that – like many people – although I appreciate learning how wine is crafted, I don’t care much about the molecular structure. In the end, what I wanted was to enjoy the wine with my meal.

Similarly, XBRL as a technology will enable a number of process transformations, but each of those will be front-ended by purpose-built software; the technical aspects of XBRL are certainly interesting, but only for the right audience.  End users will enjoy these benefits relative to the ease of using data within the context of their own work.

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