Using XBRL is just one of the ways that Tri-State Financial Printing keeps pace with the ever-changing face of financial reporting. For years, public companies the world-over have come to trust in the ability of Tri-State Financial Printing to quickly adopt and implement new technologies. Since the SEC's introduction of XBRL, Tri-State Financial has been at the forefront of XBRL technology and adopting XBRL as the financial reporting standard.
What is XBRL? Read the full Tri-State XBRL White Paper here
XBRL is an XML-based specification that uses accepted financial reporting standards and practices to exchange financial statements across all software and technologies, including the Internet. It provides the financial community a standards-based method to prepare, publish in a variety of formats, reliably extract from, and automatically exchange all or portions of financial information. XBRL is not about establishing new accounting standards but enhancing the usability of the ones that we already have through the digital language of business, XML.
On December 17, 2008, the U.S. Securities and Exchange Commission (SEC) voted to adopt a final rule that will make the use of interactive data (XBRL) mandatory for all U.S. public companies over a three-year period. Public companies with a worldwide public float greater than $5 billion will begin filing XBRL documents starting with their first fiscal quarter after 6/15/09, followed by all other large accelerated filers with their first fiscal quarter after 6/15/2010, then all other filers with their first fiscal quarter after 6/15/2011. Mutual funds must begin tagging prospectus summary information, generally comprised of objectives, risks, fees and performance, beginning January 2011.
Issuers can look to Tri-State Financial Printing to validate and file XBRL-formatted financial statements and MFRR summaries while your management retains ultimate control through an approval process.
What are the benefits of XBRL?
By using XBRL, companies and other producers of financial data and business reports can automate the processes of data collection. XBRL is not just for reporting to the SEC. The possible future uses for XBRL include reporting to lenders, IRS and other regulating bodies. For example, data from different company divisions with different accounting systems can be assembled quickly and efficiently if the sources of information have been upgraded to the XBRL standard.
- XBRL data feeds are easily read by other applications, making the information provided quickly and easily accessible to financial professionals.
- Using XBRL automates data collection and analysis, saving time and money.
- XBRL improves the accuracy, clarity and usability of data.
Why Tri-State Financial Printing?
While the benefits of XBRL are many, tagging financial documents for XBRL requires a steep learning curve. Tri-State Financial Printing provides a one-stop XBRL solution including:
- XBRL Mapping
- XBRL Tagging
- Creating Extension Elements
- Creating and Filing Instance Documents
- XBRL Consulting
- XBRL Training
As a well-seasoned partner in financial communications to clients throughout the world, Tri-State Financial Printing understands the urgency of your regulatory and compliance filings. In fact, we are the fastest growing financial printer in the New York tri-state area, one of the most demanding financial markets in the world.
Tri-State's metro NY location in Northern New Jersey provides excellent proximity to New York City and other major markets and shareholder distribution points, including proxy solicitors, transfer agents, and intermediaries, which helps to keep us abreast of all developments in the international financial community.
The veteran management and customer service teams at Tri-State Financial Printing are dedicated to providing you with cutting-edge services and unparalleled support to earn and keep your ongoing trust.
If you need additional information about XBRL or how XBRL technology and reporting can help your business, please contact Tri-State Financial Printing by clicking HERE.
View the full XBRL White Paper from Tri-State Financial Printing here.
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