Filing day has come and gone, and the number of XBRL filings has, as expected, exploded. But clearly the anticipated 8000+ have not filed. Now the question is: how many companies are availing themselves of the 30-day grace period for first time filers? A question all the 30-day grace filers must ask their vendor: how will their vendor change the vendor's processes to ensure they do not miss the filing date next quarter?
It now seems that up to 45% of year-3 filers missed August 15th filing date and are taking advantage of the 30-day grace period.
That is a significant number of companies, in the thousands, that have yet to provide their XBRL to the SEC. This also means thousands of companies that should be demanding that their vendor clearly demonstrate wat process changes will be made to ensure that do not miss their filing dates in future quarters.
Of course the numbers are evolving quickly, with the 30-day grace period coming to an end next week.
I am sure that you are correct that a number of vendors have not properly readied themselves, however, there are also a great many companies who have thus far shown themselves unwilling or unable to pay for the service.
ReplyDeleteSo, still there are many vendors can not support companies well in US?
ReplyDeleteWhy it happened? the number of vendors are lack of yet?