By Evan Condran. XBRL can be complicated, time consuming and time sensitive. A comprehensive disclosure management vendor will offer a range of service options from XBRL review and one-time tagging services to full XBRL outsourcing. Different models work for different teams, and as requirements change and team structures transform, so do your needs.
Here are a few questions to ask yourself when evaluating the right service model for your company. Track the number associated with your answer and find out the best fit for your team.
- How complex is the XBRL portion of your 10Q/10K filing?
*Fairly basic – minimal disclosures, not a lot of change between quarters (1)
*Average – average number of disclosures, low complexity (2)
*Extremely complex – a lot of complex disclosures that require a lot of tagging (3)
- How confident are you with XBRL tagging?
*Confident – could do it on my own (1)
*Familiar – but could use the support of subject matter experts (2)
*Not confident – couldn’t do it on my own (3)
- What budget is allocated towards XBRL tagging services per year?
* >$10,000 (3)
- How much time can your team dedicate to the XBRL portion of your filing?
*Over 8 hours (1)
*5-8 hours (2)
*0-4 hours (3)
- How big is your team?
If you answered mostly 1’s, in-house XBRL tagging with a software solution would work for you. Based on your responses, your team could benefit from a self-service or in-house software solution. You have the resources, expertise and time it takes to tackle regulatory reporting internally.
If you answered mostly 2’s, outsourcing or in-house is probably a good fit. Your team could be successful choosing either an in-house or outsourcing solution. You have many of the necessary tools to adapt to a self-service software model, but could also benefit from the option of more assistance and expertise when you need it.
If you answered mostly 3’s, you should consider a full outsourcing model. Your team could benefit from a full-service outsourcing solution. XBRL tagging and EDGAR filing is a time-consuming quarterly process, especially for leaner teams. With the help of expert EDGARization and XBRL services, your company can meet tight deadlines and quality standards.
At Certent, our XBRL professionals are a true extension of your external reporting team. You benefit from U.S.-based service, and quality is our top priority no matter what service model you choose. For more information on our XBRL and disclosure management services, visit our webpage.