The modern finance organization is constantly being challenged to increase stakeholder transparency and visibility, provide information faster and more reliably, and decrease risk – all while cutting down on the time it takes to distribute disclosure documents that complete the financial close process. Peak defined! Key to this process? Data. Lots of data. Here are just a few reasons why the current process is fraught with peril.
Preparing financial disclosures is a hectic process, and one of the best ways to make sure you stay on track is to incorporate XBRL milestones into your filing schedule and use the resources that are available to you. In this blog, we provide some general guidelines for your XBRL timeline and valuable resources to help keep you on track and compliant.
It’s here! No, not the zombie apocalypse – 10-K season (which is arguably even more terrifying). We want you to have a successful and clean filing, and in order to do so you need a 10-K Survival Kit. Here are a few things we think you should include.
The EDGAR database has a search function that allows public access to all company filings including various 10-K, 10-Q and 8-K filings for peers and competitors. Great, right? In theory, yes; in practice, not so much. The missing word is easy. If you have tried to search documents in EDGAR before, you know that the process is far from easy. Being able to quickly pinpoint the information you are looking for is difficult to say the least, and even EDGAR confesses there are limitations to the types of searches you can perform. But there is a better way.
A few months ago, a single e-mail message from someone at Reuters was mistakenly sent to more than 33,000 unintended inboxes. Even worse, it generated days’ worth of responses in what became known on social media as #ReutersReplyAllGate. Among other descriptions, this misstep is a textbook example of a poorly executed feedback loop.
Building your company’s proxy statement (Form DEF 14A) is a laborious task that involves countless hours of gathering required information in order to build a complete picture of your company for the public. Valid and correct data points are the most important elements of a proxy statement as shareholders will use the information to make critical decisions. But have you ever considered the experience that shareholders will have while consuming that information?
XBRL is an important process requiring a significant amount of time and effort. Incorrect tagging may compromise the accuracy and quality of financial statements and undermine a company’s reputation. However, a large number of companies continue to make basic mistakes in their filings to the SEC. In this blog series we are exploring the four most common XBRL errors. Part two will focus on negative value errors.
In an environment of evolving regulations and ever-increasing data in both volume and complexity, it is critical to establish effective processes that will render timely and accurate external reporting. Filing with the SEC is a high-stakes and deadline driven process that is heavily dependent on coordination of various departments across the company. Here are four steps you can incorporate into your processes today to significantly improve and streamline your regulatory reporting workflow.