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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 | View 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 | View Comments
October 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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Tags: Compliance, crossfire, EDGAR, reporting, XBRL
Posted in Compliance, Control, Features, Solutions, XBRL | View Comments
June 19th, 2009 by Emily Huang - Co-founder & VP, Business Technology
Part 3: How Rivet’s Dragon View can help companies fulfill the website posting requirement
I 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.
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Tags: Compliance, Customer, Dragon View
Posted in Features, Products | View Comments
June 18th, 2009 by Emily Huang - Co-founder & VP, Business Technology
Part 2: How Rivet’s Dragon View can help companies benchmark against other SEC filers
Out 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.
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Tags: Compliance, Customer, Dragon View
Posted in Products | View Comments
June 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 submission
Dragon 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.
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Tags: Compliance, Customer, Dragon View
Posted in Products | View Comments
May 13th, 2009 by Brian Larson, CPA - Software Quality Engineer
Technorati Profile
The EDGAR system is now busily accepting live XBRL filings. Last week (week of May 4th) there were 11 new filings. I thought it would be beneficial for those who are new to XBRL to write something about preparing a valid filing. By valid, I mean something that will pass the EDGAR validations and make it into the system.
There’s a lot of talk out there about how difficult XBRL is and how companies should not try to prepare their own filings but instead outsource it. We at Rivet Software work hard to make products that take the complexity out of XBRL so that you can do your filings in-house. One of the ways we do that is by hiring people like me, a CPA who understands financial reporting and how to create tools that are easy for non technical professionals to use.
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Tags: Assurance, Compliance, CrossTag, Customer, Dragon Tag
Posted in Features, Products | View Comments
March 23rd, 2009 by Emily Huang - Co-founder & VP, Business Technology
So you want to outsource the XBRL tagging service? You are not alone.
The US SEC announced April 13, 2009 as the effective date for the 500 largest public U.S. companies to begin filing their financial results using XBRL—an XML-defined standard used to analyze, exchange and report information by using tagged data elements. The ruling by the SEC demonstrates the growing global momentum for all companies to adopt XBRL for disclosing financial reports. At Rivet we have consulted with a large number of public companies and helped some of them by providing either tagging software and/or tagging services.
Some of the public companies in the first wave have elected to outsource the entire XBRL tagging service to service providers. From these companies we have heard over and over again that they believe the XBRL tagging process can be complex and intricate: the labels of the element tags must match the labels in the facing financials, various validation rules have been imposed by the SEC, and the taxonomies can often be complicated confusing. It requires someone to make “judgment calls” in the tagging process.
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Tags: Assurance, Compliance, Customer, Dragon View, Products
Posted in Features, Products | View Comments
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