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 (Here’s my rant on THAT) I assume they are working from outdated data.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.
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.