XBRL (eXtensible Business Reporting Language) is the result of a rule passed by the U.S Securities and Exchange Commission which requires all companies to furnish their financial information in a particular file format. It is a freely available and global standard for exchanging business information. XBRL is specifically designed to provide quick access to data and financial information about your company to global markets.
What is included in our XBRL Solution?
Partnering with SEC Compliance allows you to harness the power of our work-flow process and reporting technologies together with the traditional Edgar process – making financial statement tagging, validating, reporting, auditing and conversion simple. This is a powerful combination that enables you to focus on your business and not have to become experts of XBRL.
SEC Reporting/XBRL Services Included in this package
1. Initial setup and on-boarding of the taxonomy schemas for your company/ issuer (CIK)
2. Tagging of all four Financial statements (Balance Sheet, Income Statement, Cash Flow Statement, Shareholder Equity)
3. Block Note Tagging of each note to the financials
4. Significant accounting policy (highlighted as a separate footnote) and presented as a single block of text, referred to as level 2
5. Table tagging – (each footnote that contains tables will require this level of detail referred to as level 3)
6. Detailed table tagging – (each amount monetary, value percentage and number will be detail tagged separately within each footnote), referred to as level 4, the last stage of “Detailed Financial Note tagging” – DFN.
7. Matching XBRL submissions to correspond with the planned SEC regulatory filings
8. Test filings as needed for compliance and regulatory purposes
9. Compliance tracking of all financial documents and regulatory filings including changes, version control and approvals
10. Secure workflow network and backup procedure complying with Sarbanes 404 and SSAE 16 requirements
Benefits of XBRL include
1. Organizes and improves the flow of financial information
2. The tagging structure of XBRL effectively groups descriptive data
3. Drastically improves visibility
4. Data can be easily searched, extracted, transmitted, downloaded and synthesized
5. Concise and effective presentation of information for effective communication with markets
We are experts at converting financial documents into XBRL which for your company could become very complex and time consuming. Our long experience with the industry allows us to manage overwhelming numbers of documents with the precision needed for submission, taking extra care to detail. Our team is staffed by finance professionals with wide knowledge and expertise in XBRL all under one roof.
For more information including a complete list of XBRL filing services and costs click here