The U.S. Securities and Exchange Commission (SEC) disclosed that they have begun sending formal alerts to issuers regarding the inclusion of accurate calculation relationships in their filing. This is an important – and visible – step towards quality enforcement.
An important point to note is that XOR brings online review and collaborative commenting to our fleXBRL Core clients. (Click here to match up your XBRL workflow) Our fleXBRL Command and Control (both SaaS portal-based) clients’ workflow is currently review, comment and self-edit.
Without XOR: When your XBRL is viewed with the SEC’s viewer, or on a standard spreadsheet review, calculations are not visible.
With XOR: All calculations that have been made within an XBRL file are easily visible for review. You will see not only where calculations have been made, but what the components of those calculations are and whether the calculations foot properly.
XOR has been in trial with a select set of clients for one quarter. Thanks to their input and success, we are now able bring all Vintage fleXBRL clients into this easy-to use portal. Please click here to read an overview.
Including XOR at no additional cost is another demonstration why Vintage continues to be the industry’s intelligent value for capital markets and corporate services.
Another quality issue the SEC is now proactively flagging is the the practice of using custom taxonomies rather than an established taxonomies. True, the X in XBRL stands for extensible, however if there is an established, appropriate taxonomy, it’s key to use it. Remember, the only way you will get ROI from your XBRL efforts is to make the data usable (comparable) for investors. Using the “common ground” tags is the only way that will happen.
Your Vintage XBRL specialist can help you with this important action. That’s even more intelligent value.
Have a great day.