Why use an XBRL Service Bureau?
While it is possible to prepare interactive XBRL data for filing on your own, it could take up to 300 hours to read the information needed to properly prepare SEC compliant XBRL documents. Developing an understanding of the rules and guidelines set forth in the US GAAP Taxonomy Preparers Guide is essential to constructing a properly formatted XBRL EDGAR filing.
XBRL is not, by nature, a human readable format; as such a class of specialized software has been developed specifically for working with the next generation of EDGAR filings. This software facilitates the construction and validation of XBRL interactive data and company codes for the creation of an SEC compliant EDGAR filing package.
The good news is that there are a number of firms standing on the cutting edge of the technology and knowledge necessary to help companies comply with the SEC’s XBRL mandate. Toppan Vite New York is one such firm who will work with you and your colleagues to set-up your tagging now and review your taxonomy – dictionary of accounting terms – to make sure it suits your reporting needs.
The SEC’s Mandate on XBRL filing has changed the way financial information is transmitted to the U.S. Government and used by investors. Initially, a subset of large U.S. based organizations was encouraged to submit their filings in XBRL. In year two, all other domestic and foreign filers will begin filing in XBRL format, and in year three, all remaining companies will be following suit.
Toppan Vite – Setup of Taxonomy:
Contract Toppan Vite New York to tag 4 key quarterly documents and Toppan Vite New York will set up your taxonomy at no extra charge.
Toppan Vite New York offers the following services:
- Set up your taxonomy (specific codes for financial data)
- Manage all of your tagging and filing details – no hardware or software to buy
- Prepare you well in advance so your first filing is simple and runs smoothly
- Explain the flow of information and data so you understand how easy it is to file with Toppan Vite New York.
- Answer any and all questions
Even if your company is not required to file XBRL until late 2009, preparing for XBRL filing now offers the ability to gain more exposure to both the analyst and investor communities.