XBRL Associates is a full-service subcontracting solution which can produce all of your company’s required XBRL filings in guaranteed compliance with current SEC and U.S. GAAP or IFRS Taxonomies.
By registering in XBRL Associates XBRL System, your company does not need to buy software, continually hire and train new personnel or pay printers, accountants or consultants excessive fees for XBRL Conversion. XBRL Associates will work for you and with you, saving hundreds of man hours associated with XBRL conversion and service throughout each Fiscal Year.
XBRL Associates offers flat-rate fee pricing which is available for all companies. There are no hourly fees or hidden charges. Our vision in this industry allows us to give you exactly what you need and what you pay for, not for extra service.
XBRL Associates can help you to avoid exorbitant fees based on printing. XBRL is not a printed item, and should be handled by experts in the electronic data industry. Each company is distinctive in its own filing needs, and customization is exactly what we provide.
XBRL Associates would be pleased, if you would allow us to have one of our experienced XBRL staff members set up a presentation for you and your personnel. You may contact us at: 401-648-0802.
Compliance with SEC Taxonomies
COMMON XBRL QUESTIONS:
When does my company have to file XBRL?
The SEC mandated timeline is as follows:
Is XBRL done instead of EDGAR Filing?
No. EDGAR (HTML) filing is still required and needs to be done as it has in the past. XBRL documents are filed as exhibits to EDGAR Filings.
Does XBRL have to be done by the same company/people that do my company’s EDGAR Filing?
No. XBRL tagging and document creation can be done on its own with no problems. Once the mark-up is complete, the files can be sent in seconds to the appropriate party handling the actual filing.
Which financial disclosures are required to be tagged?
The following core financial statements and footnotes.
The requirements for financial statement footnotes and schedules are as follows:
How long does a “typical” XBRL filing take to create and complete?
Answer: It depends on how complex your financials and notes to financials are.
More Detail: There is no magic solution for XBRL. The human factors of reviewing and interacting with filings will always exist until people can teach computers to think and reason. There is no software program available that can “do it all for you”.
XBRL is going to change the way companies file going forward and requires more time than the current systems that are in place. Creating and Tagging documents in-house requires a considerable investment of capital, personnel time, training and maintenance of the software.
Companies usually experience a two-quarter long learning process to become familiarized with the process. The estimated in-house time per filing is in the hundreds of work hours, but XBRL Associates will take the menial task and burden out of the process and will reduce the substantial amount of time for your personnel who would be needed to spend Creating and Tagging documents with XBRL software.
HOW XBRL WORKS
XBRL Conversion is a process which takes current SEC filings, which are produced in multiple formats, and tags the information into a coded set of documents, which can then be accessed by a viewer. The tagging process must be done by an individual or group of people. These tags are used to create a series of codes in XML language which can then be pulled out of a database and into a viewer upon request.
XBRL is a language for the electronic communication of business and financial data which is revolutionizing business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers greater efficiency and improved precision and dependability to all those involved in supplying or using financial data.
XBRL stands for eXtensible Business Reporting Language. It is one of a family of “XML” languages which is becoming a standard means of communicating information between businesses and on the internet.
The objective behind XBRL is simple. Instead of treating financial information as a block of text – as in a standard internet page or a printed document – it provides an identifying tag for each individual item of data. This is computer readable. For example, company net profit has its own special tag.
Consumers of financial data, including investors, analysts, financial institutions and regulators, can receive, find, compare and analyze data much more rapidly and efficiently if it is in XBRL format.
XBRL can handle data in different languages and accounting standards. It can supplely be adapted to meet different requirements and uses. Data can be transformed into XBRL by the appropriate mapping tools or it can be generated in XBRL by the correct software.
XBRL data is more robust, precise, and transparent than data in financial statements that appears in legacy electronic and paper reports. Here’s why: in an XBRL financial report, each piece of data (both numbers and text) is given a special identifier, based on standardized lists of accounting terms, or taxonomies. For example, a data point of $800,000 might be linked to the accounting terms “U.S. Do llars,” “Net Profit”, “2nd Quarter” “2009″. Once data is tagged, it is computer-readable. It can be identified, verified, extracted, and reused. The tags remains connected to the data, so even when the data is used in other XBRL software, it can still be understood in its original context.