NEW YORK, Dec. 10, 2012 /PRNewswire-iReach/ -- SEC XBRL Risk/Return Filings Available on Day 1
The Securities and Exchange Commission ("SEC") has for two years required Mutual Fund filers to include an XBRL* version of their Risk/Return information within a 15-day grace period. Historically, the grace period was deemed necessary because of the extensive manual tagging steps that vendors currently undertake to comply with SEC standards. Now automated software enables XBRL exhibits to be created for filing on the effective date itself in accord with SEC rules.
The ProofPlus® Financial Compliance system, from Publishing Data Management, already has enabled users to control their own filings without the risk associated with sending material to third-party vendors who can introduce serious manual errors. Such errors in a recent SEC filing caused Google to lose $26 billion in market capital.
The ProofPlus® software now includes the capability of producing the required XBRL exhibits completely automatically, with no manual 'tagging' or related review steps. ProofPlus® automates the entire EDGAR filing process during which XBRL exhibits are created and associated with specific filings. For a given set of funds in a filing, the system pulls together all documents and exhibits related to those funds. PDM President Addison Roverano said "the elimination of error- prone manual processes in producing XBRL is another significant step in risk reduction for firms who have to quickly and accurately file compliance documents."
Using ProofPlus®, these XBRL files are ready for the user's own direct review anytime during the prospectus creation process. Though typically initiated at the end of the process, the XBRL review process can now begin with the first proof of a document, and at every subsequent revision. Because the same 'single source' is used to produce all formats, including XBRL and EDGAR I and EDGAR II formats, no errors can be introduced during the automated format transformations.
According to ProofPlus® inventor Michael Krieger, "ProofPlus® is able to harness its core XML architecture to accurately track the links between tables, rows, columns, and table cells and their respective footnotes and disclosures to produce accurate XBRL. Footnotes are moved from their associated tables and properly xLinked according to XBRL standards."
ProofPlus® derives its underlying ability to enforce business and regulatory requirements, to manage content libraries, and to automate page composition, from its XML and virtual document architecture. Those methods allow each table cell to have the necessary XBRL context – Registrant, company segment, fund, class, reporting period, denomination, etc. – and an unambiguous semantic meaning within a given type of report. ProofPlus® automatically inserts XML attributes explicitly related to XBRL during data uploads of standard tables used within prospectuses.
President Addison Roverano adds "ProofPlus® meets these needs by integrating project and content management, automatic composition, workflow tools, a robust permissions set, and a formal approval process with accountability at every level."
Publishing Data Management, a private company headquartered in the Wall Street area of New York City, has been supplying services and software tools to the financial industry for over 40 years.
Contact Publishing Data Management at +1 (212) 673-3210 or email@example.com to find out how you can use these tools to eliminate frustrating manual processes in your firm's regulatory filings and electronic documents, or visit PDM's website at www.proofplus.com
* XBRL is the acronym for Extensible Business Reporting Language, written following the international standards for XML (Extensible Markup Language) and its related linking language, XLink. An initiative of the accounting industry, as reaffirmed at Basel II, XBRL aims to standardize reporting of financial facts and accounting statements so that cross-comparisons can be automated company to company. The SEC began test filings of XBRL on a voluntary basis and has since adopted a rule requiring XBRL to be delivered as part of each filing package.
Media Contact: Karen Montgomery, Publishing Data Management Inc., 212-673-3210, KMontgomery@pubdata.com
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SOURCE Publishing Data Management Inc.