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SEC's Interactive Data filing program- developing an ...

SEC's Interactive Data filing program- developing an ...






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    SEC's Interactive Data filing program- developing an ... SEC's Interactive Data filing program- developing an ... Presentation Transcript

    • Participating in the SEC’s XBRL filing program – implementation framework Presented at Northern California OAUG January 17, 2008 Presented by: Jay Chandran, CPA Solutions Partners, Inc Los Gatos, California, USA E-Mail: [email_address] Cell phone: + 1 (510)-710-7835
    • Today’s presentation
      • Introduction
      • About SimpleX and Solutions Partners
      • Overview of XBRL and the SEC Filing Program
      • SimpleX solution for XBRL filings
      • Demo
      • Q & A
    • About SimpleX
      • XBRL domain expertise
      • - Member XBRL-US consortium
      • - Recognized expert
      • ERP and data warehousing expertise
      • - Oracle, SAP, Hyperion, Cognos etc.
      • 20+ years of complex financial systems experience
    • Overview of XBRL and SEC’s VFP
      • XBRL = e X tensible B usiness R eporting L anguage ( www.xbrl.org )
        • Self-contained xml wrapper for each data element in the financial statement
        • Utilizes a standardized classification taxonomy
      • Enables ease of analysis and benchmarking, minimizes duplication of data entry
        • Intended meaning of various data elements retained for downstream users
        • Currently XBRL is a voluntary filing program
      • Currently XBRL is a voluntary filing program (VFP)
      • - 40+ Companies including Microsoft and Adobe
      • XBRL will become mandatory in the future
      • - The questions is “when” not “if”
      • - Latest information points to end of 2008
      • www.xbrl.org
    • The XBRL timeline
      • Spring 2005- The SEC starts accepting XBRL formatted financials
      • The purpose of the VFP is to investigate the use of XBRL:
        • Test the XBRL technology and software availability for data tagging
        • Review software/ services availability for data tagging
        • Understand maturity of taxonomies and depth of data tagged
        • Understand level of effort to tag data in XBRL format
        • Test usefulness of tagged data for Commission and investor analysis/review
      • Fall 2006- The SEC announces a $54 million contract to modernize EDGAR to accept XBRL filings
      • - The contract also includes a $5.5 million to complete the US-GAAP taxonomy
      • End of 2008 – XBRL becomes mandatory?
    • SimpleX solution for XBRL
      • Solution is combination of Software as a Service (SaaS) & Managed Services
      • - Hosted software solution to convert financial reports into XBRL compliant tagged files
      • - Managed services to support XBRL mapping, XBRL standard changes and SEC directives
      • Developed Tag e zee ™ to help tag financials statements easily
      • Adobe Systems case study
    • Implementation approach
      • Analyze historical financials
      • - SimpleX determines XBRL gaps and issues
      • Develop scope, plan and timeline
      • - Start with Q&K facing financials
      • - Follow with MD&A
      • - Notes are final stage
      • Communicate high-level project plan with IR, auditors and others within the organization
    • Implementation approach contd..
      • Use prior period (historical) data for initial implementation
      • - Identify applicable taxonomy elements and need for extensions
      • - Review Presentation report for element details (tags)
      • - Display in instance document same as in the original document
      • - Review and sign-off process developed with financial reporting team
      • “ Go Live” with next period’s Q or K
      • Fully COLLABORATIVE process
    • SimpleX Tagezee ™ attributes
      • Software designed with service providers and end-user companies in mind
      • Developed in an environment accountants are most familiar with
      • Source files treated as “Prepared by Client” and kept 100% unmodified
      • XBRL internals kept hidden, but not invisible
      • - Users can drill down as required
    • Adobe Case Study
      • Adobe Systems named one of the top Model Companies for the quality of their XBRL filings
      • - Last 9 quarters XBRL filings made along with the official filing, last 4 quarters have MD&A
      • - 10 of 10 filings had no errors
      • Demo using Tag e zee ™