XBRL Reporting and Compliance Services

XBRL Reporting and Compliance Services

In an effort to standardize and improve the quality and analytical capabilities of financial data, US and foreign regulators have established reporting requirements for public companies to submit standardized statutory financial information for quarterly, annual and interim reporting. This standardized electronic data format, called eXtensible Business Reporting Language (XBRL), is intended to make reporting more accurate and efficient for the users of public company financial information disclosures tagged in US-GAAP and IFRS.

 

The XBRL electronic data filing, called an instance document, is generated through interactive and collaborative manual and automated processes using a disclosure management solution. The process of mapping each financial statement line item to a standard term in the US-GAAP or IFRS XBRL taxonomy can be a complex endeavor, and as a result, organizations often purchase disclosure management software or enlist the help of an external third party provider to create and submit the XBRL public company disclosure documents to their regulators. Regardless of how the digital version of financial statements are created, however, Management is legally responsible for ensuring the mapping, completeness, and accuracy of their XBRL data and that it conforms to jurisdictional reporting requirements.

 

With experience dating back to the origination of the technical standard over 15 years ago, the professionals at Richey May assist foreign and domestic filers with their XBRL reporting processes, controls and compliance efforts in accordance with both US GAAP and IFRS reporting standards. We have worked with XBRL International and XBRL US, US and International Regulators, software vendors and accounting professionals, and we participated in the adoption of XBRL as the electronic data standard by the US SEC through Regulation ST-405. As a licensed CPA firm with an expert understanding of financial statement reporting, our services will complement your efforts and ensure the quality and compliance of your XBRL documents with regulatory requirements.

Membership

Richey May is a member of XBRL US, a not-for-profit organization whose mission is to support the implementation and adoption of digital business reporting standards. Our membership allows us early access to development projects, regulatory issues and industry trends that impact our clients. XBRL US is a national Jurisdiction of XBRL International.

 

 

The XBRL US Logo is a trademark or service mark of XBRL US, Inc., registered in the United States. The XBRL Logo is a trademark or service mark of XBRL International, Inc., registered in the United States and in other countries.

Services

Vendor Selection and Management

Whether you’re looking for a fully outsourced solution or would like to bring the XBRL preparation process in-house, Richey May can help you find the right solution. We have relationships with the leading software vendors and a thorough knowledge of their tools and solutions.

Training

Leverage our knowledge through in-person training on the regulatory reporting requirements, processes and controls along with best practices. We highlight issues with using disclosure management solutions and XBRL tools to avoid common errors and we demonstrate solutions to support data integrity, efficient and effective processes with preparing your regulatory filing.

Taxonomy Assessments

Validate the mapping and consistency of your standard US GAAP or IFRS taxonomy selections and reduce company specific extensions by having a licensed CPA perform an independent assessment to validate elements identified by management to represent financial statement concepts.

XBRL Filing Preparation Support and Managed Services

Save time and drive data integrity and quality by having our professionals create and validate of the completeness and accuracy of your XBRL filing, either by leveraging your existing XBRL disclosure management solution or by utilizing additional tools to make the pre-filing review process more effective and efficient.

 

Consultative/Agreed Upon Procedures

Provide reassurance to your C-Suite or Audit Committee by having our experienced professionals complete a consultative assess and recommend or Agreed Upon Procedures engagement to review the completeness, consistency, mapping and structure of your XBRL filing on a pre-filing basis. Our methodology and review supports your timelines and work during the filing process to drive accurate results.

To speak with one of our XBRL experts, please fill out the contact form and we will get back to you shortly.