Today is X-Day, the day the SEC's XBRL mandate comes into full force.
From 15 June 2011 (today), all remaining filers are required to provide XBRL with their next quarterly fling with the SEC, and all 20-F and 40-F filers will need to provide XBRL with their next filing (once the SEC approves the IFRS taxonomy for their use). We continue to hear that companies are searching for solutions, and wondering what to do.
We're hearing that CFOs, Controllers, Directors of Investor Relations, Filing Agents and even Lawyers are being deluged with calls from XBRL vendors. We're also hearing from companies that have received their invoice for the coming year, and are experiencing "sticker shock". We shouldnt' be surprised. After hearing non-filers say things like "$25,000 is a reasonable amount for a company to pay to be compliant" - we wonder just how many CFOs of filers they people actually are talking to.
Equally, we are hearing rumors of XBRL providers "closing their books", cancelling contracts, or renegotiating contracts at higher rates. At the other extreme, we hear things like "I know a guy in India who says he can do it all for $500. He tells me its just XML". Oh well.
So with the mandate coming fully into force today (X-Day), we decided it was time to release an update to the Buyer's Guide. Not a full new release, but an update to "release 2", with additional vendors and some modifications in scores.
Welcome to release 2.1 of the 2011 XBRL Buyer's Guide. Why is there a new release? We've also received suggestions for changes in specific scores, and we've identified additional vendors that should be included (or received e-mails from vendors asking to be included).
From 15 June 2011 (today), all remaining filers are required to provide XBRL with their next quarterly fling with the SEC, and all 20-F and 40-F filers will need to provide XBRL with their next filing (once the SEC approves the IFRS taxonomy for their use). We continue to hear that companies are searching for solutions, and wondering what to do.
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| Download the latest release of the 2011 XBRL Buyer's Guide (release2.1). |
Equally, we are hearing rumors of XBRL providers "closing their books", cancelling contracts, or renegotiating contracts at higher rates. At the other extreme, we hear things like "I know a guy in India who says he can do it all for $500. He tells me its just XML". Oh well.
So with the mandate coming fully into force today (X-Day), we decided it was time to release an update to the Buyer's Guide. Not a full new release, but an update to "release 2", with additional vendors and some modifications in scores.
Welcome to release 2.1 of the 2011 XBRL Buyer's Guide. Why is there a new release? We've also received suggestions for changes in specific scores, and we've identified additional vendors that should be included (or received e-mails from vendors asking to be included).
We are also releasing a Check List for Vendor Selection - that uses the four factors and a few questions to help filers determine the best selection to meet their needs.
As always, we look forward to hearing from you, and are ready to answer any questions, or provide any additional guidance.
Do you operate in countries other than US. which are those countries
ReplyDeleteDear Anon,
ReplyDeleteOur 2011 XBRL Buyer's Guide is focused on service providers that help companies meet their US SEC filing requirements. We would be happy to speak with you about 20-F/4-F filings. In terms of non-US support and experience, indeed we have and do support non-US companies.
Hopefully the Buyer's Guide can be expanded later this year to cover service offerings for non-US regulators and environments.