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.
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/
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
Bradley H. Smith
Director of Marketing, IR and Compliance Services
PR Newswire & Vintage