Category Archives: XBRL

Congratulations Rivet: celebrating when a partner gets more power

Equity Administration Solutions, Inc. (EASi) today announced that it has signed an agreement to acquire Rivet Software, our partner for bringing superior SaaS portal power to our fleXBRL program. Vintage is the #1 sales partner for Rivet’s Crossfire solution.

SAAS

Collectively Rivet and Vintage deliver to clients the ability for automating their XBRL 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.

The EASI acquisition gives Rivet a Red Bull of opportunity. From the announcement:

“We are very excited about the benefits our customers will receive from this union,” said Madelaine Rohan, Rivet Software CEO. “Our clients will not only continue to receive excellence in technology, services and support from the same industry leading team, but they will also gain from an expanded solution footprint and additional financial strength and investment.”

We are very pleased for the hard-working team at Rivet – and we look forward to them flexing their muscles with new ideas that will continue to improve our clients’ XBRL filing workflow experiences.

A link to a XBRL SaaS comparison checklist can be found on this page.

Have a great day.

XBRL Quality Takes Center Stage: Vintage Expert to Present at XBRL.US National Conference

eXtensible Business Reporting Language event brings 400+ corporate finance and reporting representatives to Bellevue WA, Sept 14-17

NEW YORK, Sept  12, 2014 / PR Newswire / — Vintage, the capital markets, corporate services and institutional & fund services division of PR Newswire, today announced that Ron Schechter, XBRL Manager, will be leading a hands-on educational session,  XBRL Essentials: Creating the Instance Document.  

XBRL=seattle

Schechter, and co-presenter Gregg Saunders, Lead Taxonomist at XBRL US, will be emphasizing the ever-importance of quality and preventing errors. “Quality” has recently come to the forefront due to the SEC’s disclosure that they are now taking a more aggressive position towards XBRL enforcement.

Essential points discussed include:

  • Avoiding the causes of common errors
  • Units and the Power-of-Ten Scale
  • The results from decimal precision in XBRL
  • How calculation, definition and presentation linkbases are extremely useful
  • Expressing time in XBRL using dates, durations and proper date contexts
  • Senior level review considerations

After his presentation, Schechter and other Vintage XBRL specialists will be offering conference attendees one-on-one insight and demonstrations in Vintage’s exhibit booth. Special emphasis will be placed on Vintage’s fleXBRL program, the industy’s intelligent value. fleXBRL allows corporate issuers the flexibility to match their XBRL filing process to their financial reporting workflow.

Please visit Vintage today for more information: www.thevintagegroup.com

### 

About Vintage

Vintage, a PR Newswire division, is a top-three provider of full-service regulatory compliance and shareholder communications services, delivered across our three practice areas: Capital Markets, Corporate Services and Institutional & Fund Services.

Founded in 2002 and acquired by PR Newswire in 2007, Vintage has evolved to become the industry’s intelligent value choice. We deliver a flexible balance of people, facilities and technology to ensure that regulatory compliance and shareholder communications processes are efficient, transparent and painless. Services include IPO registrations, transactions, virtual data rooms, EDGAR & XBRL filing, typesetting, financial printing and investor relations websites. www.thevintagegroup.com 

About PR Newswire

PR Newswire (www.prnewswire.com) is the premier global provider of multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry 60 years ago, PR Newswire today provides end-to-end solutions to produce, optimize and target content — from rich media to online video to multimedia — and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world’s largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire enables the world’s enterprises to engage opportunity everywhere it exists. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a UBM plc company. www.prnewswire.com

Media Contact:

Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage
+1 201.942.7157
bradley.smith@prnewswire.com

 

Vintage Upgrades fleXBRL Program: Streamlines Corporate Reporting, Promotes Investor Adoption of SEC Filings

Two new enhancements focus on industry-wide drive for XBRL data quality  

NEW YORK, August 5 / PR Newswire / — Vintage, the capital markets and corporate solutions division of PR Newswire, today announced they have upgraded their XBRL (eXtensible Business Reporting Language) program, fleXBRL, with two new features, further demonstrating Vintage’s position as the industry’s intelligent value.

VINTAGE_XBRL_conundrum

XBRL Online Review (XOR): XOR is a secure XBRL review portal that enables all reviewers of an SEC reporting company’s XBRL filing process to collaboratively review and comment on XBRL tagging selections before final submission to the SEC.

Built with an intuitive online interface, XOR delivers a complete set of user-friendly features that allow XBRL reviewers to navigate and communicate effortlessly through XBRL instance documents, streamlining the workflow for finance, counsel, C-suite, auditors and Vintage to thoroughly review the XBRL documents together, including:

  • XBRL calculations checking within the XOR viewer uses icons to clearly highlight extension tags, negated elements, calculation errors and more
  • Threaded commenting allows members of the internal financial reporting team, as well as permissioned outside auditors, to add comments to XBRL documents for quality assurance, verification of instance documents and the approval – or disapproval – of bookmark tags and facts
  • Comprehensive reporting of calculations, extensions, negations and units with an XBRL filing as well as comparing differences between two XBRL versions
  • Taxonomy searching provides simple navigation, filtering and reviewing options.

XOR will be especially useful to Vintage fleXBRL Core clients who are not currently working in Vintage’s comprehensive XBRL SaaS platform.

Online Interactive Analyst Center (IAC): Vintage has partnered with Virtua Research to allow fleXBRL clients to publish their financial fundamental information onto their investor relations website with data directly from their own official SEC XBRL files. This eliminates the concerns issuers have long held regarding the inaccuracies of manually collected third-party financial fundamental data and delivering that unvetted data to investors.

For investors and analysts, the Interactive Analyst Center makes company financial data – balance sheet, income statement and cash flow data – more readily accessible and easier to understand online.

“The issue of XBRL quality created an ROI ‘chicken & egg’ scenario in the capital markets,” said Liam Power, President of Vintage.

“Many corporate issuers have expressed concerns regarding their experience with XBRL because neither investors – nor the SEC itself – were using the data. Meanwhile, investors have equally expressed their concerns as the XBRL data was inconsistent across the market. Today’s announcement drives both quality and adoption. This is especially important in light of the SEC’s recent disclosure that they are taking a much more aggressive tone towards enforcing XBRL data quality,” continued Power.

“The common goal for everyone involved is uniform, usable data that connects issuer and investor.”

Both XOR and IAC are available to all Vintage XBRL clients at no additional cost and are included in all new compliance packages. For detailed information:  http://www.thevintagegroup.com/contact-us/

###

About Vintage

Vintage, a PR Newswire division, is a top-three provider of full-service regulatory compliance and shareholder communications services, delivered across our three practice areas: Capital Markets, Corporate Services and Institutional & Fund Services.

Founded in 2002 and acquired by PR Newswire in 2007, Vintage has evolved to become the industry’s intelligent value choice. We deliver a flexible balance of people, facilities and technology to ensure that regulatory compliance and shareholder communications processes are efficient, transparent and painless. Services include IPO registrations, transactions, virtual data rooms, EDGAR & XBRL filing, typesetting, financial printing and investor relations websites. www.thevintagegroup.com

About PR Newswire

PR Newswire (www.prnewswire.com) is the premier global provider of multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry 60 years ago, PR Newswire today provides end-to-end solutions to produce, optimize and target content — from rich media to online video to multimedia — and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world’s largest multi-channel, multi-cultural content distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire enables the world’s enterprises to engage opportunity everywhere it exists. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a UBM plc company. www.prnewswire.com

Media Contact:

Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage
+1 201.942.7157
bradley.smith@prnewswire.com

How Vintage became the intelligent value for public companies

The feedback we received from clients, partners and other stakeholders regarding the relaunch of Vintage was affirming. We have become the industry’s intelligent value. Depending on whom you ask here, we’re either the Honda of XBRL, the Target Store of IR services or the Jetblue / Southwest of IPO transactions.

What is intelligent value? For a Vintage client, it’s the flexibility to receive a superior service at the appropriate scale to their business goal. And what is that appropriate scale?  That’s for a client to decide, but generally it is the Venn middle of cost-effective and intrinsic-importance.

VENN

 

Case examples:

An OTC Markets-listed company is a SEC reporting organization. They are doing all they can to be transparent while finding new investors. Unfortunately, the fee quoted for XBRL from an old-school financial printer seems “aggressive” and will drain an inordinate percentage of budget for the size of the issuer – reducing their overall budget for shareholder communications. Wisely, above cost, the issuer is equally concerned about quality and don’t want to switch to an “XBRL garage band” vendor nor a new, untried firm. Our fleXBRL Core solution delivers their intelligent value.

BONUS: They also find additional intelligent value by negotiating a bundle that includes shareholder communications (news distribution and their IR website)  with the XBRL.

A NASDAQ-listed mid-cap is going to issue more shares. They need to draft and file a new S-1 registration with the SEC, but as they have been public for quite a while, the registration is not as “passionate” as their IPO. It’s just paperwork. The S-1 working group is very small and don’t require to meet face-to-face. They don’t need the indulgence of a mahogany conference room. They do need accurate typesetting. A 100% Virtual Transaction delivers intelligent value.

BONUS: Fortunately for them, they are an existing PR Newswire client, which gives them a buying power boost.

Each day, more examples are being created. The bottomline for all these clients (and prospects) is be creative and precise with what you require to receive as intelligent value. Address your business goals. Don’t buy more than you need, but certainly don’t settle for less.

Are we the Kleenex of EDGAR? I can’t answer that really, but we are the #3 largest filer.

Have a great day.

Vintage’s New XBRL Online Review (XOR) portal addresses SEC’s “Dear CFO” letter

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.

XOR_XBRL_online_clipart250To help mitigate clients’ risk while improving their XBRL filing workflow experience, we are transitioning  - free of charge - our XBRL reviewing process into the new XBRL Online Review (XOR) portal.

———————————————

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.

Should auld (GAAP) taxonomies be forgot, and never brought to file…

It’s a new year for XBRL filers! As of now, all corporate issuers should be on either the US GAAP 2014 or 2013 taxonomies. The 2012 taxonomies are retired – the SEC’s two-year acceptance window has officially expired. Certainly, all Vintage clients are already up-to-date.

sec_2014_tax

The new GAAP taxonomies affect the following SEC corporate form types:

Filing Program Att. Type EDGAR Forms
Interactive Data EX-101 10-K, 10-K/A,10-KT, 10-KT/A,10-Q, 10-Q/A, 10-QT, 10-12B, 10-QT/A, 10-12B/A, 10-12G, 10-12G/A, 8-K, 8-K/A, 8-K12B, 8-K12B/A, 8-K12G3, 8-K12G3/A, 8-K15D5, 8-K15D5/A, 20-F, 20-F/A, 20FR12B, 20FR12B/A, 20FR12G, 20FR12G/A, 40-F, 40-F/A, 40FR12B, 40FR12B/A, 40FR12G, 40FR12G/A, 6-K,6-K/A, SP 15D2 ,SP 15D2/A, S-1,S-1/A, S-1MEF, S-3, S-3/A,S-3ASR, S-3D, S-3DPOS, S-3MEF, S-4, S-4/A, S-4EF, S-4MEF, S-4 POS, S-11, S-11/A, S-11MEF, POS AM, POS EX, POSASR, F-1, F-1/A, F-1MEF, F-3,F-3/A, F-3ASR,F-3D, F-3DPOS,F-3MEF, F-4,F-4/A, F-4EF, F-4MEF, F-4 POS,F-10, F-10/A, F-10EF, F-10POS

If you are having ANY difficulties with your taxonomies, PLEASE reach out to us. This is especially important for corporate issuers who feel they have been left at the XBRL Support Alter i.e. “DIY” SaaS XBRL portals that charge extra for support. Download the SaaS portal checklist here. 

We don’t charge extra. It’s part of delivering intelligent value.

Have a great day.

Vintage’s Evan Scharf Joins XBRL Dignitaries at White House Briefing

Last week, members of the Data Transparency Coalition had the honor of meeting (in the White House!) with the US Chief Technology Officer, Todd Park, to share their knowledge about XBRL and its upcoming role in the DATA Act.

Evan Scharf, Vice President of XBRL Services (far left) visits the West Wing with The Data Transparency Coalition members.

Evan Scharf, Vice President of XBRL Services (far left) visits the West Wing
with The Data Transparency Coalition members.

The DATA Act is the nation’s first legislative regulation for data transparency, mandating the uniform “tagging” of federal spending thus requiring the Department of the Treasury and the White House Office of Management and Budget to transform spending from disconnected documents into open, standardized data and to publish that data online.

Sound familiar? ( The answer is yes, it’s XBRL)

The group of XBRL industry leaders were invited to roundtable their expertise and insights on the implementation of accounting standards. Those of us working the corporate side of XBRL are keenly aware that success depends on focusing on what matters: the push for XBRL qualityCertainly, the DATA Act cements the overall (and continuing) economic drive for accounting standards and transparency.

At the meeting, key milestones were discussed to develop a blueprint that will establish common definitions of data elements that support reporting by governmental agencies plus provide foundation for the data’s taxonomy:

  • Establish Data Standards (data exchange) Team
  • Kick‐off planning meeting w/ contractor (detailed project plan, scope, and methodology)
  • Identify up to three pilot agencies (intelligent data)
  • Conduct pilot w/ Fiscal Service bureau‐level data to demonstrate data linkages & visualizations
  • Classify data elements and identify master data elements
  • Develop and map United States Standard General Ledger(USSGL) taxonomy and financial reporting taxonomy using XBRL
  • Consult with Industry
  • Develop reporting templates including business rules and validation templates
  • Complete agency pilots
  • Document and present the prototype pilot
  • Issue data exchange standards
  • Issue on standards (definitions) on Federal Funding Accountability and Transparency Act (FFATA) data elements
  • Establish concept of operations for data standards governance framework
  • Develop detailed agency roll‐out plan

Many thanks to The Data Transparency Coalition for Vintage’s presence in this important bipartisan path.

Have a great day.