DataTracks Services Limited has added an Online Reviewers Guide (ORG) to their regulatory compliance reporting solution package. Available as a standalone product and as a free plug-in to their existing Disclosure Management System (DMS), the ORG allows compliance officers in organizations to review and comment on XBRL tagging performed by service providers like DataTracks, or by company accountants using any XBRL tagging solution.
Submissions in XBRL were mandated by the SEC in a phased manner from 2009 onwards. Currently, every listed company regulated by the SEC (and following US-GAAP as their accounting standard) must file their quarterly and annual reports (10-Q and 10-K) in XBRL format along with the HTML file and submit it to the EDGAR SEC system.
The SEC’s July 2014 crackdown on the quality of XBRL submissions had caused some panic in the compliance departments of many companies. Companies were not only prolifically adding items to the standard taxonomy – a practice that is not encouraged – but were also not taking enough care to ensure that their submissions were error-free.
DataTracks’ ORG provides XBRL preparers and reviewers a platform for easy and iterative error control. The ORG features easy-to-review reports including extension rates and SEC best practices, easy commenting, online collaboration, clear version control, prompt processing, audit trail and a user-friendly minimalist interface.
The Focused Reports section provides an alternative paradigm for review. Instead of reviewing the XBRL document role-by-role, reviewers can choose to review by issue type (such as, all extensions, all negated values). This can save a tremendous amount of time for SEC registrants during their tight filing schedule.
“The nature of US XBRL submissions to the SEC is such that errors are bound to occur. This has always been the case ever since the introduction of mandatory XBRL in 2009. What has changed in this last year is the SEC’s stance on XBRL quality. We believe our ORG will help compliance teams in creating better, more usable XBRL documents”, said Suresh Illath, COO and Senior Vice President of Service Delivery.
DataTracks reports that an eminent financial printing firm has already signed up for the XBRL Online Reviewers’ Guide.