Need Extra Time for Detail Level XBRL Tagging? Check out Wdesk.
Recently at the Securities Regulation Institute, Meredith B. Cross, Director of the SEC Division of Corporation Finance, remarked that many large filers need extra time for detail-level XBRL tagging.
In our research here at WebFilings, we’ve seen firsthand how XBRL filings have grown in size and complexity. From Year 1 to Year 2 XBRL filings, companies have grown exponentially in reporting the number of:
- Concepts used for facts
- Extension concepts
- Dimensions applied
As we reported in this XBRL brief, "Lessons Learned from the Initial XBRL Detail Level Filings" most Tier-1 companies chose to outsource their XBRL mapping process to financial printers. Tier-2 companies that started filing level 1 XBRL tagging in June 2010, found that their financial printers required them to go “pencils down," with no additional changes up to a week before filing in order for the printer to have adequate time to process the XBRL reports.
When you consider the phase-in of the XBRL mandate to Tier-3 companies in 2011, that system will be stressed even further trying to handle the tagging demands of all three tiers of companies—migrating from the current system load of 1500 companies to 12,000.
The Wdesk platform's built-in approach can help companies save time, prevent errors, and reduce time associated with the compliance reporting process, including XBRL mapping and tagging. Our end-to-end External Reporting Solution offers everything your company needs to meet the SEC reporting mandate.
Whether you choose to do your tagging in-house, or with outside assistance, leveraging the innovative Wdesk platform enables you to tag your documents IN PARALLEL with your 10-Q or 10-K text document development. You can even setup and tag your document before your financial close. And, our intuitive XBRL solution makes the XBRL mapping and tagging process an integrated extension of your document development...enabling you to work on XBRL in the same application environment in which you are drafting your document.
Additionally, our Professional Services Team can provide a full range of XBRL services to help you file compliant XBRL documents. Whether you just need some guidance, or want someone to handle the entire modeling and tagging process, our team of knowledgeable, experienced experts can help meet your XBRL needs.Hear from some of our customers to learn how they have been able to save time in their business reporting process, leveraging Wdesk innovative solutions, or watch the product tour now!