XBRL tagging advice from an alpaca?

AIPCAOne of the biggest frustrations – and errors – is around the labeling and tagging of negative values. To that, our XBRL team is always looking for the best insight and advice for clients.

Our lead XBRL CPA strongly suggests that all preparers read this whitepaper. Although it’s inexplicably written by an alpaca, it’s the clearest guide he has ever come across.

To quote the alpaca:

“One of the most common XBRL errors cited by the Securities and Exchange Commission (SEC) continues to be incorrect sign values on tagged amounts in the XBRL files (that is, an incorrect number is input because a negative should have been input as a positive or vice versa). This may have significant implications for users of XBRL-formatted financial statements because this error may cause inaccurate analyses (for example, calculation of incorrect ratios or misinterpretations of gains and losses). Errors in the XBRL files also have implications for the filer.

Not only is a company’s reputation at risk if it includes incorrect information in its XBRL files, but most companies’ XBRL files are subject to the same legal liability as the filed financial statements.”

Getting these values correctly labeled is a simple, yet core quality issue – and we are all keenly aware of the heightened importance of XBRL quality.

As an ongoing demonstration of our dedication to the quality of our clients’ XBRL, our fleXBRL SaaS portal solution (Crossfire) clients all receive a deep, comprehensive training program with 1.) in-person XBRL executive Bootcamps,  2.) module-based online training and our 3.) exclusive double team support. There’s no gap to be bridged between self-service and full-service: our XBRL team correctly labels it as “client service.”

Again, the importance of correctly labeling your positive and negative values cannot be understated. Download the 11 page guide here.

OoooOOOOoooh. AIPCA. Boy, that goes to prove the importance of proper labels!

Have a great weekend.

Rivet Software Signs Preferred Partnership with Vintage Filings

Vintage Filings Awarded Number One in Sales for Rivet Crossfire SaaS XBRL Solution

DENVER, April 17, 2014 /PRNewswire/ — Rivet Software, an industry leader in financial reporting, announced an expansion of their strategic partnership with Vintage Filings, focusing on providing a true end-to-end solution and a single point of contact for customers. Collectively Rivet and Vintage Filings will give customers the ability to automate their data to flow from a source accounting system, manage documents and spreadsheets in Microsoft Office, file to the SEC and complete all print services, such as S-1 Drafting and Filing, Formatting, Typesetting, Investment Relations, and Deal Management.

RIVETOGORivet chose Vintage Filings as their preferred printer because of its knowledge and services surrounding the SEC’s ever-changing filing regulations. Vintage Filings is known for its flexibility while providing high-quality, cost-effective compliance filing and production services. This partnership will allow Rivet customers to streamline their entire SEC filing process from start to finish. Vintage Filings and its parent company, PR Newswire, fully integrate shareholder engagement and compliance to promote improved communication between public companies and their stakeholders.

“This partnership benefits both firms, but more importantly it benefits our customers, who have been looking for a cost-effective yet high-quality true end-to-end option,” stated Rivet Chief Executive Officer, Madelaine Rohan. “This partnership allows both parties to leverage their core competencies and now our customers literally have one place to come for all their SEC filing and printing needs.”

As Vintage Filings becomes the top Rivet Software reseller, the relationship helps to build on Rivet’s strategic plan, outlined by Rohan late last year, to extend Rivet’s leadership position in the Microsoft Office-based Document, Disclosure and SEC Compliance Management space through strategic partnerships. This partnership also allows Rivet to provide its unlimited full offering to all Vintage clients, which includes access to Rivet’s education and training, Crossfire Analytics, data connectors, and first line of product support. Rivet will also be able to penetrate new distribution channels in the financial reporting industry through Vintage Filing’s extensive industry footprint beyond the SEC Compliance market.

vf_FOOTER_WORD_LOGO2“Clients have told us that a poorly supported or a pay-for-extra support XBRL SaaS platform has not really bridged the gap between full-service and self-service,” said Liam Power, SVP of Compliance Services at PR Newswire / Vintage Filings. “Our partnership with Rivet bridges that gap, giving financial reporting departments’ complete XBRL filing control, as well as a comprehensive training program with in-person XBRL executive Bootcamps, module-based online training and our exclusive double team support program.”

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About Rivet Software
Rivet Software provides financial reporting systems that improve the way companies create and consume financial information. Founded in 2003 by software and accounting industry veterans, Rivet’s mission remains to revolutionize global financial communications by enabling financial transparency and leveraging global standards. Headquartered in Denver, Co., the firm employs the most experienced XBRL and financial reporting staff in the industry. Rivet was honored in 2011 and 2012 as an Inc. 500 company.

About Vintage Filings
PR Newswire’s Vintage Filings division is a full-service financial filing and printing firm and a leading partner for all your XBRL filing needs. With more than 4,500 public company clients, Vintage is one of the fastest growing compliance firms nationwide. Vintage partners with its clients to provide the knowledge and service necessary to meet the SEC’s ever-changing filing regulations. Vintage Filings provides high-quality, cost-effective compliance filings and production services, including EDGAR Filings, typesetting, XBRL tagging, section 16 filings, investment management services, drafting sessions, virtual data rooms (VDR) and more.

Silicon Valley IPOs-to-be talk with our compliance experts-that-are

NYSE Governance Services held its West coast compliance readiness conference yesterday.

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From the NYSE:

Preventing fraud in compliance with the Sarbanes-Oxley Act (SOX) and the Foreign Corrupt Practices Act (FCPA), as well as the importance of creating accurate financial statements and cooperating with internal audit in order to comply with the requirements of a stringent regulatory environment are just a few of the many challenges public companies need to communicate to their workforce.

Obviously, we’re big into compliance and our presence brought an important “services execution” perspective to the NYSE’s attendees. In additional to understanding the strategic aspects of compliance, corporate leaders must have a tactical understanding of HOW to be compliant… beginning with the S-1. (download whitepaper here) That’s our role: pre-and post-IPO.

Topics included:

  • The Nuts and Bolts of a Strong and Effective Compliance Program
  • Innovative Training and Communications Strategies
  • Leveraging Technology and Monitoring and Auditing
  • Emerging Compliance Risks

Also, the NYSE distributed to all attendees our  Corporate Governance and Securities Laws handbook. Very useful. (request yours here)

PR Newswire / Vintage Filings was pleased to participate and we’re proud that our shareholder communications services are NYSE approved for their issuer and IPO program.

Have a great day.

 

How Investors Consume Content Q#4: Would you / do you invest in a public company that does not have an IR website?

As you may have read in this IR Magazine article, PR Newswire / Vintage Filings is guiding our client IROs to evaluate their IR website not just as a transparency/disclosure vehicle but also as a marketing investment - exactly as a corporate product group evaluate their product website(s) sections.

Working from that “content marketing” perspective, is the presence of an IR website essential to make “the sale?” What happens if you do not have an IR website? It’s very simple. If you DO NOT have an IR website, only 30% of your prospects said they will buy your stock. Up to 70% may just walk away. That is marketing death.

This statistic is very important for smaller companies that have not adopted the standards of IR practice the larger companies have. Investors expect to find an IR website.

Q4_2014_100072

Click image to enlarge.

Please click here to learn about IR Room (website solution) – and request our IR Room OTC pricing for micro and small cap issuers.

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Have a great day.

IPOs and Transactions: April 7 – 11

There were 54 transactions filed with the SEC last week.

Congratulations to all of the corporations and law firms that selected our transactions services last week including SD Co. Inc. w/ Wong Fleming PC + Dickinson Wright PLLC, Liquid Holdings Group Inc. w/ Gibson, Dunn & Crutcher LLP + Sidley Austin LLP and Tungsten Corp w/ Greenberg Traurig, LLP.

We appreciate that they selected to work with us and we’re pleased that they found us both accurate and affordable.

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Registrant Symbol Form Exchange Law firm / advisor
LAREDO GAS SERVICES, LLC S-4 Akin Gump Strauss Hauer & Feld LLP
ASHFORD INC 10-12B Andrews Kurth LLP
ATHLON ENERGY INC. S-1 NYSE Baker Botts L.L.P.
FORUM ACQUISITIONS I, INC. 10-12G BlackPool Acquisitions, LLC.
UPHOLSTERY INTERNATIONAL, INC. S-1 Business Filings Inc.
WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC S-3 Cadwalader, Wickersham & Taft LLP
BURLINGTON STORES, INC. BURL S-1 NYSE Cahill Gordon & Reindel LLP
OPTIMIZERX CORP OPRX S-1 OTC Cane Clark, LLP
LSB INDUSTRIES INC LXU S-4 NYSE Conner & Winters, LLP
DANCE BIOPHARM, INC. S-1 Cooley LLP
MINERVA NEUROSCIENCES, INC. S-1 Cooley LLP
MOBILE IRON, INC. S-1 Cooley LLP
ZENDESK, INC. S-1 Cooley LLP
CYMABAY THERAPEUTICS, INC. CYMA S-1 Nasdaq Cooley LLP
THRESHOLD PHARMACEUTICALS INC THLD S-3 Nasdaq Cooley LLP
GASLOG PARTNERS LP F-1 Cravath, Swaine & Moore LLP
AGIOS PHARMACEUTICALS INC AGIO S-1 Nasdaq Davis Polk & Wardwell LLP
SD CO INC S-1 Dickinson Wright, PLLC
FOREFRONT INCOME TRUST N-2 Ellenoff Grossman & Schole LLP
HEMPAMERICANA, INC. S-1 ETN Services, LLC
ASCENT SOLAR TECHNOLOGIES, INC. ASTI S-3 Nasdaq Faegre Baker Daniels LLP
MOBILE IRON, INC. S-1 Fenwick & West LLP
LIQUID HOLDINGS GROUP, INC. LIQD S-1 Nasdaq Gibson, Dunn & Crutcher LLP
ZENDESK, INC. S-1 Goodwin Procter LLP
CYMABAY THERAPEUTICS, INC. CYMA S-1 Nasdaq Goodwin Procter LLP
DCT INDUSTRIAL TRUST INC. DCT S-4 NYSE Goodwin Procter LLP
PARKERVISION INC PRKR S-3 Nasdaq Graubard Miller
STEVIA CORP STEV S-1 OTC Greenberg Traurig, LLP
TUNGSTEN CORP. TUNG S-1 OTC Greenberg Traurig, LLP.
GOODMAN NETWORKS INC S-1 Haynes and Boone, LLP
FLUSHING FINANCIAL CORP FFIC S-3 Nasdaq Hughes Hubbard & Reed LLP
XENITH BANKSHARES, INC. XBKS S-4 Nasdaq Hunton & Williams LLP
ANAVEX LIFE SCIENCES CORP. AVXL S-1 OTC K&L Gates LLP
CAN-FITE BIOPHARMA LTD. CANF F-1 NYSE Kantor & Co.
BURLINGTON STORES, INC. BURL S-1 NYSE Kirkland & Ellis LLP
GASLOG PARTNERS LP F-1 Latham & Watkins LLP
GOODMAN NETWORKS INC S-1 Latham & Watkins LLP
PARSLEY ENERGY, INC. S-1 Latham & Watkins LLP
PRINCIPAL MARITIME TANKERS CORP S-1 Latham & Watkins LLP
ATHLON ENERGY INC. S-1 NYSE Latham & Watkins LLP
MARTIN MIDSTREAM PARTNERS LP MMLP S-4 Nasdaq Locke Lord LLP
PATENT PROPERTIES, INC. PPRO S-3 OTC Loeb & Loeb LLP
DANCE BIOPHARM, INC. S-1 Lowenstein Sandler LLP
AROTECH CORP ARTX S-3 Nasdaq Lowenstein Sandler LLP
FIRST FEDERAL OF NORTHERN MICHIGAN BANCORP, INC. FFNM S-4 Nasdaq Luse Gorman Pomerenk & Schick, P.C.
NORTH AMERICAN OIL & GAS CORP. NAMG S-1 OTC Matthew C. McMurdo, Esq.,
MOBILE IRON, INC. S-1 Mobile Iron, Inc.
MINERVA NEUROSCIENCES, INC. S-1 Morgan Lewis & Bockius LLP
MEI PHARMA, INC. MEIP S-3 Nasdaq Morgan, Lewis & Bockius LLP
AMERICAN BIO MEDICA CORP ABMC S-1 OTC Olshan Frome Wolosky LLP
IZEA, INC. IZEA S-1 OTC Olshan Frome Wolosky LLP
GABELLI MULTIMEDIA TRUST INC. XGGTX N-2 NYSE Paul Hastings LLP
PRINCIPAL MARITIME TANKERS CORP S-1 Paul, Weiss, Rifkind, Wharton & Garrison LLP
RADIO ONE, INC. ROIA S-3 Nasdaq Radio One, Inc.
FIRST FEDERAL OF NORTHERN MICHIGAN BANCORP, INC. FFNM S-4 Nasdaq Shumaker, Loop & Kendrick, LLP
FREESEAS INC. FREE F-1 Nasdaq Sichenzia Ross Friedman Ference LLP
CAN-FITE BIOPHARMA LTD. CANF F-1 NYSE Sichenzia Ross Friedman Ference LLP
WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC S-3 Sidley Austin LLP
LIQUID HOLDINGS GROUP, INC. LIQD S-1 Nasdaq Sidley Austin LLP
JUMEI INTERNATIONAL HOLDING LTD F-1 Simpson Thacher & Bartlett LLP
TESORO LOGISTICS LP TLLP S-4 NYSE Simpson Thacher & Bartlett LLP
DUFF & PHELPS ENERGY MLP TOTAL RETURN FUND INC. N-2 Simpson Thacher & Bartlett LLP
JUMEI INTERNATIONAL HOLDING LTD F-1 Skadden, Arps, Slate, Meagher & Flom LLP
JGWPT HOLDINGS INC. JGW S-1 NYSE Skadden, Arps, Slate, Meagher & Flom LLP
FIRST FINANCIAL BANCORP /OH/ FFBC S-4 Nasdaq Squire Sanders LLP
VOLITIONRX LTD VNRX S-1 OTC Stradling Yocca Carlson & Rauth, P.C.
TICC CAPITAL CORP. TICC N-2 Nasdaq Sutherland Asbill & Brennan LLP
PARSLEY ENERGY, INC. S-1 Vinson & Elkins L.L.P.
ANTERO RESOURCES CORP AR S-4 NYSE Vinson & Elkins L.L.P.
NEW SOURCE ENERGY PARTNERS L.P. NSLP S-3 NYSE Vinson & Elkins L.L.P.
CARRIAGE SERVICES INC CSV S-3 OTC Vinson & Elkins L.L.P.
DUFF & PHELPS ENERGY MLP TOTAL RETURN FUND INC. N-2 Virtus Investment Partners, Inc.
FIRST FINANCIAL BANCORP /OH/ FFBC S-4 Nasdaq Vorys, Sater, Seymour and Pease LLP
XENITH BANKSHARES, INC. XBKS S-4 Nasdaq Williams Mullen
AGIOS PHARMACEUTICALS INC AGIO S-1 Nasdaq Wilmer Cutler Pickering Hale and Dorr LLP
SD CO INC S-1 Wong Fleming, P.C.

Click here to review the week’s underwriters.

Have a great week.

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IPO Underwriters of the Week: April 7 – 11

Congratulations to the corporations and underwriters that worked with our transaction services team. Watch our brief transactions services video HERE and discover why we have become a top choice for both traditional and confidential IPOs.

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Registrant Form Underwriter 1 Underwriter 2 Underwriter 3 +
JGWPT HOLDINGS INC. S-1 Barclays Capital Inc. Credit Suisse Securities (USA) LLC
NORTH AMERICAN OIL & GAS CORP. S-1 Beaufort Ventures PLC
GASLOG PARTNERS LP F-1 Citigroup Global Markets Inc.
ATHLON ENERGY INC. S-1 Citigroup Global Markets Inc. Goldman, Sachs & Co.
CYMABAY THERAPEUTICS, INC. S-1 Cowen and Company, LLC Stifel, Nicolaus & Company, Inc. Roth Capital Partners, LLC / National Securities Corp.
PARSLEY ENERGY, INC. S-1 Credit Suisse Securities (USA) LLC Goldman, Sachs & Co. J.P. Morgan Securities LLC / Wells Fargo Securities, LLC / Morgan Stanley & Co. LLC / Raymond James & Associates, Inc. / Tudor, Pickering, Holt & Co. Securities, Inc. / RBC Capital Markets, LLC / Global Hunter Securities, LLC / Macquarie Capital (USA) Inc
JUMEI INTERNATIONAL HOLDING LTD F-1 Goldman Sachs (Asia) L.L.C. Credit Suisse Securities (USA) LLC J.P. Morgan Securities LLC / China Renaissance Securities (Hong Kong) Limited / Piper Jaffray & Co. / Oppenheimer & Co. Inc.
ZENDESK, INC. S-1 Goldman, Sachs & Co. Morgan Stanley & Co. LLC Credit Suisse Securities (USA) LLC / Pacific Crest Securities LLC / Canaccord Genuity Inc.
TUNGSTEN CORP. S-1 Hanover Holdings LLC
BURLINGTON STORES, INC. S-1 J.P. Morgan Securities LLC Morgan Stanley & Co. LLC Merrill Lynch, Pierce, Fenner & Smith Inc. /  Goldman, Sachs & Co. / Wells Fargo Securities, LLC / BMO Capital Markets Corp. / Cowen and Company, LLC / Guggenheim Securities, LLC / SunTrust Robinson Humphrey, Inc. / Telsey Advisory Group LLC / Samuel A. R
AGIOS PHARMACEUTICALS INC S-1 J.P. Morgan Securities LLC Goldman, Sachs & Co.
MINERVA NEUROSCIENCES, INC. S-1 Jefferies LLC Robert W. Baird & Co. Inc. JMP Securities LLC
LIQUID HOLDINGS GROUP, INC. S-1 JMP Securities LLC Craig-Hallum Capital Group LLC Sandler O’Neill & Partners, L.P.
GOODMAN NETWORKS INC S-1 Merrill Lynch, Pierce, Fenner & Smith Inc. Jefferies LLC FBR Capital Markets & Co. / Stifel, Nicolaus & Company, Inc. / BB&T Capital Markets, a division of BB&T Securities, LLC / D.A. Davidson & Co. / PNC Capital Markets LLC
MOBILE IRON, INC. S-1 Morgan Stanley & Co. LLC Goldman, Sachs & Co. Deutsche Bank Securities Inc. / Barclays Capital Inc. / Raymond James & Associates, Inc. / Stifel, Nicolaus & Company, Inc. / Nomura Securities International, Inc.
SD CO INC S-1 Roth Capital Partners, LLC
PRINCIPAL MARITIME TANKERS CORP S-1 UBS Securities LLC Apollo Global Securities, LLC
WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC S-3 Wells Fargo Securities, LLC
DANCE BIOPHARM, INC. S-1 Wells Fargo Securities, LLC Stifel, Nicolaus & Company, Inc. Oppenheimer & Co. Inc. / Roth Capital Partners, LLC

Post IPO, thousands of organizations count on us to assure regulatory compliance and target new investors.

Have a great week.

SEC disclosure reform: “Investors have a desire for more information, not less”

LESSLast week, the SEC’s Director of Corporation Finance, Keith Higgins, spoke to the Los Angeles’ chapter of American Bar Association. He revealed more insight and direction the disclosure reform initiative is taking.

At this point, the discussions are still at the strategic level of disclosure, not eliminating a particular filing group, but making sure the content disclosed is meaningful to investors.

  • What information do investors think is missing?
  • Is there information in existing mandated issuer disclosures investors routinely ignore?
  • Is there information in SEC filings investors routinely get elsewhere?
  • How can information be easier to access and used with on smart phones and smart pads?
  • Should disclosure requirements be tiered for different categories of issuers: smaller reporting companies or emerging growth companies?

Some of these questions are answered in the Shareholder Confidence 365 study here.

At the highest level, Mr. Higgins said investors have a desire for more information, not less. His staff’s job will be to find probable disclosure holes and make sure they are filled to the expectations of investors – all with actionable transparency in mind. Overload v. not germane.

For now, the only “tactile” point seems to pertain to the consideration of a “core disclosure” model: defined information that does not change often — such as a issuer’s business description, etc ­— would be disclosed in a “core” (annual?) document  with the K’s and Qs filling in the timely and current disclosures. This would slightly reduce “word-count” and bring some cost savings.

Have a great week.