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Financial Reporting Council (FRC)
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M and A
Learn more about the #MnA opportunity in the #healthcare sector and how to best #capitalize on it:… https://t.co/yoT0vWIquf
Some experts say if the strategy is right and the macro environment pans out the way that's anticipated, pricing metrics aren't a factor. Get in-depth insights with the latest...
M&A and Related Activities | Merrill DataSite®
As we reach the halfway mark of 2017, macroeconomic factors still invoke caution among dealmakers as volatility and uncertainty becomes the norm. Despite this environment, global M&A value to date continues to exceed that of 2016
XBRL & Edgar Filing | Financial & Regulatory Disclosure | Merrill Bridge®
After a lackluster 2016, the market for initial public offerings shows signs of a revival in 2017. Simultaneously, the SEC has indicated a renewed interest in supporting IPOs under its new chair, Jay Clayton, who has stated that capital formation will be one of his highest priorities.
Recently, I moderated a panel discussing how to create and execute a M&A “masterpiece”, identifying key focus areas for successful transactions. To move this from the all too common theoretical “best practice” review, we examined this topic using real-life examples against the backdrop of healthcare.
Despite an optimistic start to 2017 with the strongest January on record, the deal market faltered throughout the rest of Q1. In April, we saw more of the same. Overall deal volume was down by 530 deals on April 2016, however value inched higher with US$229.96bn worth of deals versus US$221.4bn. This volume decline came against the backdrop of political unrest that shows few signs of being resolved.
From retailer system hacks and cars that can be manipulated remotely to the internal systems of some of the biggest technology providers in the world, cybersecurity is one of the hottest topics for just about anyone who operates machinery, uses phones or turns on a computer. It was also the theme of a discussion I recently had with Mary Ellen Callahan, partner, Jenner & Block and former chief privacy officer of the US Department of Homeland Security, at the ACG InterGrowth conference on April 25.
M&A, Reorganizations & Exchanges | Regulatory Disclosure | Capital Transactions | Portfolio Management | Merrill DataSite® | Merrill Bridge®
Merrill Corporation recently hosted a dynamic global webinar that explored private equity in the German mid-market. It sparked a lively discussion among our esteemed panel of experts, including Christoph D. Kauter, Founding and Managing Partner at Beyond Capital Partners; Dr Rainer Traugott, Partner, Latham & Watkins; and Nick Money-Kyrle, Founder and Managing Partner for Steadfast Capital.
As sponsors of the annual ACG InterGrowth Conference between April 24 and 26, we were perfectly positioned to direct attention of Merrill Corporation and how our services support the nearly 2,000 M&A and Private Equity dealmakers swarming the conference floor at Aria Resort and Casino.
With Jay Clayton’s confirmation, as new SEC chair, we know we can expect to see changes in both focus and tone from the Commission. I anticipate that, with his background as a corporate attorney, Clayton will focus more on improving capital markets than on enforcement.
The April edition of the Monthly M&A Insider – which is developed by Merrill Corporation and Mergermarket – looks back at the first quarter of 2017. During this time, we have seen a spike in global M&A deal value when compared to Q1 2016, but a sharp decline in volume.
As healthcare continues to be a hot topic and in the wake of the AHCA failing to pass, we are interested in how dealmakers grapple with the level of uncertainty around key policies and regulations in the US healthcare industry.
WATCH OUR LATEST VIDEO NOW with Merrill’s Directors of External Reporting Solutions and IFRS experts in EMEA, Jennifer Fothergill and Ryan Coyne, who’ll explain more about the changes, how they will affect your business and next steps you need to take.
Two powerhouses in the eyewear market are intending to join forces. Essilor, with more than 60,000 employees globally, specializes in manufacturing of lenses. The other with the exotic name, Luxottica, has approximately 80,000 staffers and is the parent of brands like Oakley and Ray-Ban as well as retail outlets like Sunglass Hut and Target Optical.
Motivations for an IPO can vary greatly – investors seeking an exit, leadership looking to boost their CVs, increased transparency for the next organic growth cycle, a financial injection. No matter what’s driving it, one critical element to get it right in this cycle is timing.
Regulatory Disclosure | Merrill Bridge®
On Wednesday 1 March, the long-awaited mandate requiring IFRS filers to file in XBRL was announced by the SEC. This is a momentous step for IFRS filers and failure to comply is not an option.
Capital Transactions | Merrill DataSite®
Following my December post on Merrill’s commitment to the capital markets sector, recent events have prompted me to reiterate its importance. PR Newswire, a public relations technology and services firm, has divested Vintage, its financial printing and compliance business. The assets ended up with Toppan Vite, a subsidiary of a large Japanese printing conglomerate.
IPO & Equity Offerings | Financial Services | Capital Transactions | Merrill Bridge®
The flow of new High Yield bonds in 2016 didn’t come as a steady stream...
It started off quite slow with Asian and oil worries still impeding the markets. New issuance only started to gain momentum around April and May. There was the usual break for the summer, enhanced by the fear around Brexit, and then another peak in September before issuance fizzling out in the build up to the US elections.
On March 1, 2017 the U.S. SEC published the IFRS Taxonomy on its website and, consequently, launched a mandate for IFRS companies to submit XBRL files for periodic financial reporting.
On March 1, 2017, the SEC passed a proposed rule requiring Inline XBRL as the format for submitting financial statements to the SEC. The requirement will be phased-in for operating companies.
Other | Merrill DataSite®
Learn how our Iberia sales team support capital transactions with our award-winning virtual data room (VDR), Merrill DataSite. To date, we have processed 18,000,000 pages for our clients in Iberia who have used our VDR platform. This month we've expanded our presence in Iberia.
After the financial crisis in 2008, the SEC took an activist approach under Chair Mary Jo White. They attempted to balance implementing the requirements of the gargantuan Dodd-Frank Act, which Congress passed to prevent similar issues, with its core three-part mission: protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.
If you’ve prepared or reviewed SEC financial statements that are tagged with XBRL, you know it happens. The financials include a disclosure for which there is no appropriate tag in the dictionary of tags (the US GAAP Taxonomy).
So what do you do? You create your own unique tag (an extension tag) and add it to your company’s XBRL filing, as required by the SEC rules.
Effective on January 30, 2017, the SEC has implemented an enhanced authentication process when EDGAR filers request a passphrase update. What are EDGAR passphrases? They are used to update EDGAR filing codes and may need to be updated if misplaced, or if a registrant wants to keep filing codes confidential in connection with employee reassignments.
M&A, Reorganizations & Exchanges | Merrill DataSite®
In a most recent discussion with hundreds of global dealmakers, the overwhelming conclusion is that while recent events create alarming headlines, they may in fact be a good thing for Private Equity firms trying to raise money in the coming year. 41% of those surveyed felt that, specifically, a President Trump will help PE firms raise capital globally.
Merrill recently hosted a webinar on some of the latest ways XBRL is transforming how financial information is consumed, featuring Alexandra Ledbetter of the SEC Office of the Investor Advocate and Emily Huang, president of idaciti, as well as Lou Rohman. Learn more about this informative webinar.
After significant consultation and feedback, a conclusion was finally reached; public companies in the European Union will be required to submit digital annual financial reports using eXtensible Business Reporting Language (XBRL) – specifically the Inline XBRL format.
Does your organization’s or Insider's EDGAR Company Profile include an up-to-date email address? If not, you could be in for a big hassle that could keep you from filing on time.
A new feature is coming to SEC XBRL. It’s called “typed dimensions”. The SEC updated its EDGAR Filer Manual on December 12, 2016, to allow for this new feature, stating that “filers will be able to provide typed dimensions defined in standard taxonomies in all XBRL submissions.
Something strange happened on Tuesday. As my colleague Richard Martin was moderating a panel on our very well-attended webinar on “The Impact of Current Geopolitical Events on M&A”, a telecommunications company announced that it’s buying a leading virtual data room (VDR) provider. No, it wasn’t Merrill, but one of our leading competitors!
I saw technology intersect several times with the SEC filers that use IFRS (International Financial Reporting Standards) during the 2016 Conference on Current SEC and PCAOB Developments on December 5-7 in Washington DC. But despite this, SEC IFRS filers still aren’t required to submit financial statements using XBRL, a technology format that provides tagged financial data, allowing software to efficiently consume the data.
I’m excited to say that the XBRL US Data Quality Committee (DQC) officially published its second set of approved rules and guidance on XBRL tagging for SEC filings. Filers should begin using these new rules by the beginning of 2017 to help identify and correct errors in their filings. As vice chair of the DQC, I know the incredible amount of work and expertise that went into these new rules—and I believe they’re a significant step forward in improving data quality across the board.
The Strategic Growth Forum™ US 2016 in Palm Springs, Calif. was a terrific event, where I represented Merrill Corporation on a technology panel, took in a variety of speaker sessions and of course, spent time talking with new and established entrepreneurs from around the country and across industries.
The SEC recently released guidance on the new Pay Ratio Requirement which serves as a timely reminder to all public companies: With the January 1, 2017 compliance deadline fast approaching, it’s time to make sure you understand the new requirements—and that you’re prepared to determine and disclose them.
Recently, I had the chance to lead a panel discussing Open Source Software (OSS / Open Source) and its impact on M&A. In the course of preparing for this discussion, I learned some things that may surprise you!
Over the past few months, several colleagues and friends asked me why I went back to the M&A tech space. When drilling further into the questio, the implication is that Virtual Data Rooms (VDRs) are understood and the problem of securing deals is solved. Indeed, most deals over $5 million USD that include some competitive element will use a VDR.
FEI and Merrill Corporation are teaming up to present this webinar titled “The SEC and XBRL: Financial Reporting in a New Light”. Past FEI/Merrill webinars have been fast-paced and full of relevant information. This too will be enlightening and a quick way to learn about the topics that matter.
Regulatory Disclosure | Merrill Bridge® | Merrill DataSite®
Dr Paul Furey gave an excellent interactive talk on developing our communication skills, asking guests to share their experiences and offering solutions and suggestions. Everyone had some great take away piece of advice and if they’re anything like us, we’re sure they’ve been trying them out ever since.
In 2014, the SEC adopted Regulation AB II which aims to bring greater transparency to the asset-backed securities (ABS) market and prevent the surprises that contributed to the 2008 financial crisis. ABS filers directly impacted by the change — which requires asset information to be submitted in a structured data format on Form ABS-EE — are likely well aware.
Regulatory Disclosure for Corporations | Merrill Bridge®
"When?" is the question. When will the SEC require XBRL-formatted financial statements from companies that prepare their financials in accordance with International Financial Reporting Standards (IFRS)? My expectation is sooner rather than later.
A few weeks ago, FASB released the proposed 2017 US GAAP Taxonomy. On October 4, I attended a webinar where the FASB taxonomy team delved into some of the notable changes in the 2017 Taxonomy.
The Ernst & Young Entrepreneur of the Year Awards showcased an impressive and diverse pool of talented entrepreneurs. Read more about the highlights and winners of the evening.
XBRL & Edgar Filing | Regulatory Disclosure | Financial & Regulatory Disclosure | Merrill Bridge®
The gap between software and the human brain gets smaller every year. Smart virtual assistants like Apple’s Siri think like we do (and maybe better), and self-driving cars are now on our roads (probably driving better than most of us). But here’s one area where software can’t fully replace a knowledgeable human: catching every potential error in your company’s XBRL filings. There are still a wide range of very common errors and other issues that cannot be detected by error-checking software.
I get this question at least once a week, and people have been asking me (and asking others) for the past seven years. For the first few years after the 2009 SEC mandate, my answer was “I’m not sure.” But when you consider the timing, it wasn’t until 2013 that all companies that are required to file had submitted four quarters of filings with detailed footnote information tagged.
Did you know that bot, fro-yo and glamping are now — officially — words? The Oxford English Dictionary adds new words every year, and I’ll forgive you for not keeping up with all of them. I’ll also forgive you for not knowing all of the 3,399 tags that underwent changes in the 2016 U.S. GAAP Taxonomy.
I’ve eagerly read the many comment letters from my peers in response to the SEC’s Concept Release on Regulation S-K. They’re filled with great feedback, new ideas and important concerns. Few of these responses have been as pointed as the one issued by the Data Coalition.
In May 2016 the SEC updated guidance on the use of non-GAAP financial measures in its revised Compliance & Disclosure Interpretations. The updates add clarity to what the SEC considers misleading non-GAAP measures. These updates, along with recent speeches expressing concern by SEC Chair Mary Jo White and various SEC staff members, have made it clear that non-GAAP financial measures are coming under increased scrutiny at the SEC.
When I talk about financial reporting with executives and management at smaller companies, I usually hear some variation of, “It’s a complicated process. Despite years of experience, catching every error can be challenging and time-consuming.” But here’s one of the most interesting parts of the Financial Reporting Council’s (FRC) recent focus on reporting quality issues among AIM-quoted companies: the FRC says most companies have the resources and expertise on-hand; they’re just not making the most of them.
Financial & Regulatory Disclosure | Merrill Bridge®
The CFA Institute confronted the topic of data and technology in financial reporting in a recent paper. The paper’s vision for the future focuses on a broader and deeper use of structured data. The paper suggests that investors are hungry for more financial data in a structured format. The current XBRL requirements apparently have only whet the investors’ appetites.
Regulatory Disclosure | Financial & Regulatory Disclosure | Merrill Bridge®
Improving reporting quality doesn’t require you to invest more time. But it does pay to make an investment — in better technology. New reporting solutions can not only help you reduce the reporting burden you’re already feeling.
Keep an eye on blockchain. It’s one of the “next big things” in the FinTech world that will have revolutionary impact on business transactions. So the question arises, what is blockchain?
Saying the opposite of what was meant to be said usually creates a lot of confusion. That's the case for SEC XBRL filings in which a company erroneously enters a negative amount in the XBRL file when it should be a positive amount. The company is saying the exact opposite of what was meant to be said.
The UK Financial Reporting Council (FRC) has been examining and analysing reporting quality issues in AIM-quoted and other smaller companies.
In an open letter to the SEC from a small-but-hot new tech startup, idaciti, calls out antiquated SEC disclosure requirements and issues a call to action for better data quality. Learn more about the message.
Some of the questions posed in the concept release of Regulation S-K could produce revolutionary changes that significantly improve the consumption of U.S. Securities and Exchange Commission (SEC) disclosures.
Filers increasingly create custom axis tags when applicable standard axis tags already exist in the US GAAP Taxonomy. It hurts overall data quality, and now the SEC is taking notice.
The XBRL-US Data Quality Committee today revealed its second set of validation rules and guidance for SEC filers, inviting public comment on the proposed rules.
Some organizations still aren’t using this error-checking tool — and continue to submit filings riddled with common, easily fixable errors. Find out how you can take advantage.
Hear about inspirational moments from this year's event.
Just as SEC filers are beginning to gain familiarity with the XBRL world, there’s a new data format making headlines: Inline XBRL, or iXBRL. Find out what you need to know about Inline XBRL and what’s coming.
With more than 15,000 XBRL tags, it can be difficult to avoid errors. Learn about the common tagging errors and how you can make easy fixes now.
XBRL errors dropped more than 64% since release of DQC rules. See how you can take your XBRL data quality to the next level.
The SEC’s new crowdfunding rules went into effect, allowing companies to offer and sell securities to the investing public via crowdfunding portals. Learn how XBRL tagging could play a key role.
Get a clear perspective on how XBRL changes impact your organization, definitive guidance on navigating XBRL challenges, and valuable insight into where XBRL is heading.
What defines high-quality XBRL data? Understanding the factors that drive data quality, and recognizing high- or low-quality data, is a growing necessity for both filers and consumers of XBRL data.
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