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Financial Reporting Council (FRC)
EY Entrepreneur of the Year Awards
M&A and Related Activities | Merrill DataSite®
I recently moderated a panel during the November M&A Advisor Summit to discuss Open Source Software (OSS / open source) and its impact on M&A. Our dialogue was phenomenal, but it was during my prep that I was most struck by three surprising trends:
Regulatory Disclosure | Merrill Bridge®
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.
The annual Financial Executives International’s (FEI) Current Financial Reporting Issues (CFRI) Conference is just around the corner — November 14-15, 2016 in New York City. CFRI is one of my favorite events of the year.
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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