Category Archives: XBRL

2015 GAAP taxonomies are now in effect for XBRL

The Financial Accounting Standards Board (FASB) today announced that the SEC has officially adopted the 2015 GAAP Financial Reporting Taxonomy. Vintage fleXBRL Complete and Command clients can be working with the new taxonomies ASAP. The SEC is slating the removal of the 2013 US GAAP taxonomy in June 2015. The transition will be effortless but financial reporting teams need to be mindful of any changes.

mindthegaapOur Vintage XBRL Accountants will be guiding clients for their next XBRL filing.

In the meantime, if you’d like to learn more, FASB is offering an educational webinar:

IN FOCUS: 2015 GAAP Financial Reporting Taxonomy, Changes and Beyond, Taxonomy Implementation Guides, and SEC Update

  • Thursday, April 2, 2015, from
  • 1:00 to 2:15 p.m. ET
  • REGISTER HERE

The webinar is free and it seems that CPE credits may be offered.

Lastly, we’ve updated our “Shopping” checklist for switching to an XBRL SaaS: Complete portal solution v. software only one-sheet. You can get it from this page 

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XBRL study reveals fees are not oppressive for emerging growth companies

Nothing about this study surprised Team Vintage. We’ve delivered intelligent value to our clients since the initiation of XBRL. It has NOT been easy – as the SEC mandate (hopes & desires) was a little ahead of the technology… however the reporting industry is all caught up.

This point is why so many of us “filing agents” are puzzled by how Congress allowed itself to be intimidated by lobbyists to chisel transparency back into stone tablets i.e. PDFs and a la’ carte spreadsheets. (Here’s my rant on THAT) I assume they are working from outdated data.

In a professional non-rant manner, XBRL US and the American Institute of CPAs (AICPA) recently surveyed XBRL filing agents and received cost practices for 1,299 small public companies: $75 million or less in market capitalization.

XBRL-fees

From the AICPA:

Our survey showed that 69% of the companies paid $10,000 or less on an annual basis for fully outsourced creation and filing solutions of their XBRL filings. Meanwhile, 18% of the companies paid annual costs of between $10,000 to $20,000 for their full service outsourced solutions. Only 8% of companies paid more than $25,000 in annual costs. No company’s annual cost exceeded $50,000.

Through discussions with the vendors we found that companies that paid higher annual fees did so due to complexities in their financial statements and rush charges imposed given the many last minute changes to the filings (e.g., filing changes for an IPO).

Certainly, as we continually tell our clientbase, preparation and process is essential. From a pure Vintage support POV, our fleXBRL program is a dynamic solution: it can flex to exactly meet the demands per each unique client – regardless if it’s a 100% budget restraint or quarter-after-quarter deadline (internal process) challenge.

One clear fact has emerged: the SEC lost focus on XBRL for a while, but now Chairman White understands its importance. 

Have a great day.

The EDGAR time-lag is not high frequency traders’ conspiracy. But it is why XBRL is needed.

Recent articles by the WSJ’s industry watchdog Scott Patterson highlighted academic research that showed that some (assumedly professional) investors are receiving SEC EDGAR files moments-to-minutes before retail investors via a dedicated paid subscription feed. This paid feed is in comparison to the files being openly available on the SEC.gov EDGAR site… free for anyone.

From the WSJ:

The studies were the latest indication that some superfast, sophisticated trading firms enjoy an advantage over other investors, echoing previous cases in which high-frequency traders received corporate news releases or key data on the U.S. economy milliseconds before competitors.

It wasn’t clear whether the change in timing was the result of action by the SEC, a contractor running a direct feed or simply stemmed from technology glitches in its distribution system.

In this case, unlike the high frequency traders’ conscious effort to game the system, this is more likely to be a result of “left-overs” from pre-2002.

SEC_balloon

 

Allow me to explain: up until May 2002, the SEC did not publish issuers’ SEC files when they received them – their website technology took up to 48 hours!

I know this first-hand via the shareholder communications business – as to populate the SEC files on investor relations websites, we bought a separate “real-time” feed from ye olde’ Edgar Online. Besides, being pert-near instantly available (to advance corporate transparency), the commercial feed was also property parsed for import. In fact, all IR website vendors still buy a feed from a 3rd party – not the SEC. I doubt the research looked at the EDGAR file publishing timing on an issuers own IR website.

Obviously, this data formatting is a necessity for Street portals like Bloomberg. It’s a tried and true data feed that the portals have used for years – long before the SEC itself went real-time. No conspiracy. Just the reality of the data business.

From the WSJ:

Still, the episode underscores how outmoded the system has become, say securities experts.

“It’s an ancient computer system that is processing more and more data than it was designed for,” said Scott Kimpel, a partner at law firm Hunton & Williams LLP.

The SEC is in the early stages of a multiyear modernization of the system. Ms. White said in congressional testimony earlier this year that the effort would simplify the financial-reporting process and ensure investors have access to better data.

This is where the evolution to XBRL will level the playing field compared to EDGAR. One single source – directly verified by both issuer and SEC. Will XBRL curtail the nefarious appetite of high frequency traders? – of course not, but at least the SEC will not be accused as an enabler.

This discussion above makes my XBRL rant even more “interesting.”

Have a great day.

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

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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/

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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.