XBRL QUALITY ASSURANCE SOLUTIONS
Many companies are still adjusting to XBRL’s detailed tagging requirements and some are unaware that they are soon to be without the Safe Harbor of XBRL’s limited liability period.
RDG Filings offers both Quality Assurance Solutions and a post-filing review process to ensure your XBRL Taxonomy Construction and Tagging is of the highest quality and in line with the most current and approved SEC Taxonomy. Our QA processes meet and exceed all FASB, AICPA, and Industry guidelines and standards for XBRL tagging.
As quality of XBRL filings comes to the forefront in 2013, expertise and understanding of XBRL will be the key – NOT software tools that promise “automated validation.” Major software providers, XBRL.us, and numerous auditors are saying loud-and-clear that software can only take you so far. Automated validation will never be 100% effective because of the potentially infinite tagging scenarios between different industries and individual companies. In response, some software companies have offered “support” or “review”, but there is no specification as to what this will include or who will be doing it. Inevitably, such behavior begs the question, “Are you a XBRL software company or a XBRL service provider?”
RDG has established itself as an industry leader in XBRL services and continually strives to be the best.
The SEC’s increasing commitment to XBRL as the future of financial reporting is underscored by the fact that investors and analysts increasingly rely on XBRL data to make investment decisions. Avoiding errors in the data before it is disseminated to the public is the responsibility of the preparer. In addition to SEC compliance, benefits of XBRL include increased transparency and comparability, which will in turn increase the value of your stock when analysts begin utilizing XBRL data on a larger scale.
The next step in the process is ensuring the integrity, accuracy, and usability of your XBRL data. To this end, RDG has developed a new higher level of Quality Assurance Services. The XBRL filings we create for our clients as part of our current level of service already meet and exceed the standard of SEC compliance. However, we have developed our QA Services for those clients who are interested in a much more in-depth analysis of their filings from a CPA and XBRL quality assurance expert.
The goal is simple: whether or not you utilize RDG for tagging/XBRL taxonomy creation, we can help your company create documents with quality that will exceed future SEC validation requirements and be in line with the enhanced standards, protocols, and guidelines already put forward by the FASB, the AICPA, US-GAAP, XBRL.US, and others.
As “guidance” and SEC regulation on XBRL develops and is refined over the next few years, RDG will be able to assist you with preempting any potential future issues well in advance.
We know there is some uncertainty in the wake of the end of Limited Liability, and while the SEC has yet to establish concrete guidelines for the increased validation they will be requiring going forward, our QA department experts will be able to ensure that your filings are far beyond compliant. While XBRL reporting is, at this point, basically a compliance issue, having excellent XBRL filings of the highest possible quality is where this compliance exercise can become a value-added process for you. The financial analysts and investment experts who will be using your XBRL to help guide their future decisions, will find well-structured XBRL filings more usable than filings that don’t exceed the SEC’s current requirements.