Public companies are required by federal law to disclose information on an ongoing basis. This includes reporting quarterly (10-Q), annually (10-K), and for specified events that shareholders should be informed about (8-K). The reporting process can be tedious, and depending on the size of the company, the due dates can vary.
Hyperlinking exhibits, which allows the SEC to easily find and analyze data, is mandated for all filings. Data tagging using eXtensible Business Reporting Language (XBRL) is a standard-based way to communicate the information. Both the SEC’s Division of Corporate Finance and Division of enforcement use and scrutinize the structured (XRBL) data to ensure public companies are following federal securities laws.
Inline XRBL (iXBRL), which combines the machine readable XRBL instance document and the human-readable EDGAR HTML document into one document, is becoming a common way to file. In fact, the voluntary period for filing using iXBRL is slated to run through March 2020, and it is predicted that after that date, it will be mandated to file using iXBRL. We are not waiting for what probably will be a 2020 mandate to take effect; CFO Systems already files our clients’ 10-Qs and 10-Ks utilizing iXBRL.
CFO Systems can help your SEC filing process
CFO Systems can accurately and expeditiously manage your filing process from beginning to end or we can just perform the XBRL tagging. In addition, we can reduce your XRBL tagging and filing costs if you currently use an outside firm (i.e., publisher). CFO Systems modifies the XBRL document as many times as you need at no extra cost from our normal flat fee. Additionally, we stay with you until you file with the SEC or we can file for you.
If you want to free your staff from the time-consuming task of tagging and SEC filing, while being assured that your filings are completed using the latest technology, feel free to reach out to us today to learn more.