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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.
Financial & Regulatory Disclosure | Regulatory Disclosure | Capital Transactions | Merrill Bridge®
The October 2016 issue of the Dimensions Newsletter includes articles on the SEC's signals on the next phase of structured data, the SEC's new pay-ratio rules and enforcement in financial reporting and disclosures.
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Regulatory Disclosure | Merrill Bridge®
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.
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.
The September 2016 issue of the Dimensions Newsletter includes articles on the SEC's signals on the next phase of structured data, the SEC's new pay-ratio rules and enforcement in financial reporting and disclosures.
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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 | Regulatory Disclosure | Merrill Bridge®
The SEC has introduced a voluntary iXBRL program that allows corporate US GAAP filers, both domestic and foreign, to submit their annual, periodic and quarterly reports in the the new format. Learn more about this other news and insights for financial transaction and reporting professionals.
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.
The July 2016 issue of the Dimensions Newsletter includes articles on the proxy disclosure rules on executive compensation, the SEC's rules on registration fees and non-GAAP financial measures.
Non-GAAP financial measures are open to misinterpretation and present a potential for prevarication or abuse. Get the details on how the SEC is addressing the issue.
Capital Transactions | Financial & Regulatory Disclosure | Merrill Bridge®
After a dismal start to the year, Europe's High Yield and Leveraged Loan markets staged a dramatic recovery. Investors led a stampede back into the asset class, as they hunted for yield amid a backdrop of negative rates and European Central Bank largesse.
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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.
Diversified financial-services holding company, Hiltop Holdings, Inc. used Merrill Bridge to cut draft turn times by 3-5 days per quarter and save time with links between the platform and Microsoft®
Word and Excel®.
Capital Transactions | M&A, Reorganizations & Exchanges | Financial & Regulatory Disclosure | Merrill Bridge® | Merrill DataSite®
The partnership of Merrill Corporation and Takara Printing creates the first fully integrated, end-to-end solution in the Japanese market for managing the documentation, information sharing and compliance requirements of global financial transactions.
The June 2016 issue of the Dimensions Newsletter includes articles on the SEC's signals on the next phase of structured data, the SEC's new pay-ratio rules and enforcement in financial reporting and disclosures.
The SEC adopted final rules on pay-ratio disclosure in August 2015, thereby fulfilling a Dodd-Frank directive. From early 2018 onward, non-exempt public companies must disclose the CEO’s total yearly compensation, the median of all other employees’ yearly compensation, and a ratio that compares the two.
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.
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.
The May 2016 issue of the Dimensions Newsletter includes articles on XBRL custom axis tags, how the SEC’s broken window approach is shaping its enforcement priorities, and new website resources from the SEC that emphasize engagement with XBRL filers and users.
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.
The Microsoft–Merrill partnership. Change represents the biggest risk to legacy business processes, and that’s why Merrill Bridge is built on the tools you already use–the reliable, business-focused Microsoft Office suite of applications.
Financial & Regulatory Disclosure | Regulatory Disclosure | Merrill Bridge® | Merrill DPA®
Strategies in global M&A deals to lessen or rebalance the risk of opposition from CFIUS and other regulators.
Insights for financial transaction and regulatory reporting professionals from global industry leaders.
XBRL is quietly but quickly becoming a key source of information relied on by the SEC.
Corporate cybersecurity has become an urgent priority for boards of directors.
Financial & Regulatory Disclosure | Capital Transactions | Merrill Bridge®
With predictions for a healthy return of the technology and life sciences IPO markets, Merrill Corporation brings you the Guide to the Initial Public Offering, which covers the most important aspects of planning, launching and completing a successful IPO.
Get news and insights from leaders at the SEC and FASB on the upcoming proxy season—from access to disclosure—and proxy statement upgrades, keeping trade secrets in M&A, corporate cyber-security and insurgent shareholder demands.
Mike Willis, the Assistant Director of the SEC’s Office of Structured Disclosure, discusses the SEC’s growing use of the XBRL-tagged data submitted in corporate financial disclosures, and the steps being taken by the SEC to improve the quality of XBRL.
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Whether you’re looking at an M&A or IPO; filings with the SEC or other regulatory bodies; managing contracts, IP and assets; or looking to engage and communicate with customers, unlock productivity leaning on Merrill’s breadth and depth of services.
A seamless SaaS solution built on the Microsoft® Office® platform, Merrill Bridge makes disclosure content management easier, faster and more accurate. Generate precise EDGAR and XBRL submissions and other global regulatory filings automatically.
With Merrill Bridge, our seamless SaaS platform, you can revolutionize your ability to work faster and collaborate more fluidly on confidential financial documents. Avoid production and filing errors, and meet regulatory deadlines with certainty.
Capital Transactions | Other | Merrill DataSite® | Merrill Bridge®
Conduct due diligence and manage confidential information with our award-winning experience, Merrill DataSite. Draft, perfect and file critical disclosure documents faster with our end-to-end disclosure solution, Merrill Bridge.
Clear, compliant proxy statements give shareholders the data and context to make informed choices on board and executive team proposals and corporate strategy proposals. Merrill lets you maximize effectiveness and minimize cost with proxy production.
Financial & Regulatory Disclosure | Regulatory Disclosure | Other | Merrill Bridge®
Safety Insurance, one of the largest regional insurance companies in the US, realized significant time savings when it automated document preparation and SEC filing on Merrill Bridge with the help of Merrill’s highly skilled CPAs and XBRL experts.
In the United States, 74% of institutional investors consider director tenure important in maintaining an independent and flexible board. Yet few agree on how to achieve reasonable turnover and diversity.
Richard Girgenti, the national head of forensic advisory services at KPMG, outlines several US government enforcement priorities that directors should be tracking.
For publicly traded companies, the new standard will now become effective for reporting periods that begin after December 15, 2017 (and a year later for privately held companies).
Representatives of four prominent organizations involved in financial reporting set forth several ways in which the SEC can improve the EDGAR filings database. The SEC could adopt the recommendations now, without resorting to rulemaking.
Learn about recently issued “Measurement Date Practical Expedient For Defined Benefit Plans” and 4 other final implementation guides issued by FASB.
Campbell Pryde, President and CEO of XBRL US, a nonprofit organization that supports the use of XBRL for financial reporting through taxonomy development and marketplace collaboration discusses the vision for the organization.
Why are some multibillion-dollar acquisitions never disclosed to the SEC?
Securities lawyers, to be effective, must understand the basics of financial reporting for public companies and the pertinent accounting standards.
An interview with Mark Flannery, SEC Chief Economist and Director of DERA Dr. Mark Flannery is the Chief Economist at the SEC and the Director
There is currently much discussion about the desirability of corporate social responsibility reporting being both substantial and verifiable but that interest is far from globally or domestically universal.
Companies planning their conflict minerals disclosures can learn from the first round of filings, which occurred in 2014.
Ever-improving technology plays an important role in streamlining the analysis used in developing an investment recommendation.
To get a sense of where the SEC’s commitment to XBRL use now stands, Dimensions spoke by telephone with one of structured data’s leading proponents, Hudson Hollister.
Integrated reporting brings sustainability to the forefront.
For insights into recent SEC actions, including the “Dear CFO” letters and other recent XBRL developments, Dimensions interviewed Scott Bauguess and Matthew Slavin.
The SEC is steadily raising the bar on cybersecurity disclosure, with a string of announcements and other initiatives.
With sustainability accounting standards currently being developed by an independent board, the SEC is expected to issue rules or at least further guidance on sustainability disclosure.
What led the SEC to issue the “Dear CFO” letter?
Careful preparation for linked legal and business obstacles should precede the IPO for a private equity firm’s portfolio company.
Collecting and analyzing available financial data, is key to staying ahead of the competition. Data-driven peer benchmarking was a tedious, error-filled process – until now, thanks to XBRL.
On July 7, 2014, the SEC posted two items of new XBRL guidance to their website: 1) Observations about Custom Tag (Extension) Rates and 2) Sample "Dear CFO" letter sent to select filers regarding Missing Calculations.
Many corporate filers are currently evaluating the best approach to preparing their SEC disclosures in HTML and XBRL.
Originally viewed as an additional channel for communications with financial professionals and investors, social media has become an important and immediate way to communicate with interested parties.
The United States Securities and Exchange Commission on July 2, 2013, announced new initiatives aimed at preventing and detecting improper or fraudulent financial reporting.
How do the factors considered by the SEC – when it does its triennial review of public companies’ 10-K filings – affect the probability of it issuing a comment letter?
SEC disclosure rules and filing procedures are complex - prompting the development of disclosure management solutions products.
Merrill Bridge, is software wrapped in a suite of services. It is how a company gets from the blank page to being successfully filed with the SEC, when the client requires some level of service above and beyond simply software.
Preventing XBRL mistakes is a pragmatic necessity for telling your company’s financial story to analysts, shareholders, potential investors, and others in the market.
The introduction of interactive data for reporting puts investors, analysts, and regulators on the same page when analyzing company financial data.
Although software validation is a key component to getting XBRL right, there are many items in XBRL files that require human involvement.
The SEC first mandated the use of XBRL in hopes of making its EDGAR database function more efficiently. Companies must be alert to compliance risks.
Now that all publicly traded companies in the United States are tagging their SEC filings in XBRL, the focus has shifted from implementation to quality.
Reversing a trend, the SEC has recently publicized new programs for identifying fraud in public companies’ financial reports.
The SEC is expanding its internal use of XBRL and the quantitative analysis needed to parse XBRL instance documents for review.
The XBRL stakes have been raised for the SEC and corporate filers. In the House of Representatives, the Committee on Oversight and Government Reform is
The need to verify the quality of your XBRL submissions has ballooned substantially. Now that the training wheels are off for filers and full liability for
Getting medieval on those at the top. Public companies should carefully consider how to protect their directors and officers from the upsurge in shareholder litigation generated
An interview with Prof. Dhananjay Gode, Leonard N. Stern School of Business, NYU At the XBRL and Financial Analysis Conference held earlier in 2013 at
The SEC Division of Corporation Finance has released a series of compliance and disclosure interpretations (CDIs) that address some of the key issues arising out
Dodd-Frank implementation moves ahead. Implementation of the 2010 Dodd-Frank Act is spread over a number of years. New requirements in effect July 2013 deal with
Integrated financial reporting looms on the horizon. The International Integrated Reporting Council (IIRC) has published a consultation draft proposing standards and issues to be considered
Quality outranks quantity in Panther Partners. Under the 2012 decision by the Second Circuit in Panther Partners v. Ikanos Communications Inc., issuers may find it
By Mike Schlanger, Vice President of XBRL Business Development and Strategy for Merrill Mike Schlanger, Merrill Corporation’s Vice President of XBRL Business Development and Strategy,
This article “XBRL Insights: Six Critical Issues Facing Filers”, was originally posted in June 2013. The insights discussed included: XBRL is a Language and You
Ensuring warlords’ campaigns do not pan out. The SEC’s conflict minerals rule, issued in August 2012 under the Dodd-Frank Act, aims to prevent African warlords.
By Mike Schlanger, Vice President of XBRL Business Development and Strategy for Merrill Most publicly traded companies in the United States are now filing their
Recent Wells Notice is a watershed. For the first time ever, the SEC’s Enforcement Division has issued a Wells Notice on a communication made through
CR reporting mostly from the largest. Most of the world’s largest companies produce a corporate responsibility report, covering issues ranging from the company’s environmental performance
An interview with Craig M. Lewis, SEC Division of Risk, Strategy, and Financial Innovation Craig M. Lewis is Director and Chief Economist of the Division
To maximize access to global capital, Canada chose IFRS. In an increasingly globalized world, investors and companies benefit from countries having mutually comprehensible accounting systems.
[Merrill Corporation – Dimensions eNewsletter – October 2012] By Alex Rapp, Calcbench Recently, there has been a tremendous amount of talk about errors in XBRL
[Merrill Corporation – Dimensions eNewsletter – October 2012] Dimensions spoke by telephone in September 2012 with Susan Yount, Associate Chief Accountant with the SEC Office
Merrill Corporation – Dimensions eNewsletter – August 2012 Be proactive when errors pop up. Public companies file hundreds of financial restatements each year. Most begin
Merrill Corporation – Dimensions eNewsletter – August 2012 An Interview with Suzanne Morsfield, CEASA The Center for Excellence in Accounting and Security Analysis (CEASA) at
Merrill Corporation – Dimensions eNewsletter – August 2012 One problem for filers that fail to comply with the SEC’s XBRL requirements is they may be
Nearly 30 years ago, it almost sounded like science fiction. On December 10, 1984, SEC Commissioner Charles C. Cox gave a prescient speech called “EDGAR:
Merrill Dimensions Newsletter – July 2012 An Interview with Suzanne Morsfield, CEASA The Center for Excellence in Accounting and Security Analysis (CEASA) at Columbia Business
Merrill Corporation – Dimensions eNewsletter – June 2012 While it is well known that XBRL tagging of financial statements is required for Forms 10-Q and
Having read Toward XBRL Fluency: Common Mistakes Observed By The SEC, And How To Avoid Them what do you see as the main message in
Draft, edit and perfect your proxy statement using end-to-end solution Merrill Bridge. Multi-user collaboration tools with edit, comment, track changes and versioning give you complete control and error-free confidence over the proxy creation process.
With 16 acquisitions in recent years, Mattress Firm Holding Co. needed a solution to handle its fast growth. Partnering with Merrill generated positive results including automating its SEC filing process, enabling quicker document preparation and distribution, and supporting a highly collaborative, secure environment.
The SEC’s Chief Economist Mark Flannery discusses the many benefits of XBRL tagging and structuring of financial data for both large and small firms, including making it much easier for investors to assess and compare performance across industries.
Gain an understanding of what high-quality XBRL is so you can accurately assess and guide your XBRL preparation. This article goes over the standards for judging “XBRL quality” and gives tips on achieving high-quality filings as well as internal consistency.
Effective June 19, 2015, the Securities and Exchange Commission (SEC) expanded Regulation A to allow smaller businesses to register with the SEC and raise up to $50 million in a 12-month period.
Make regulatory filing faster and more accurate with our end-to-end, secure SaaS platform, which gives you complete control over financial disclosure and SEC reporting.
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Built on the Microsoft® Office® platform, Merrill Bridge offers significant advantages over Workiva, including generating stylized, print-ready Word and PowerPoint® documents for SEC filings, management reports and shareholder communications.
Determine the best approach for your company to ensure the accuracy of your XBRL instance document, in Insource, Outsource, or In-Between? How to Choose the Optimal Approach to XBRL Preparation for Your Company—and Why It Matters.
Financial & Regulatory Disclosure | Regulatory Disclosure | Regulatory Disclosure for Corporations | Regulatory Disclosure for Investment Management Companies | Merrill Bridge® | Merrill DPA®
Stay on top of new rules and ongoing investigations at the Securities and Exchange Commission (SEC), from the 1933 Securities Act to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) system with our comprehensive list of resources.
Make sure your first submission is accepted by engaging EDGAR Services from Merrill. We can handle any SEC filing, allowing fast and compliant EDGARization of your documents, regardless of the size of your project.
Capital Transactions | M&A, Reorganizations & Exchanges | Merrill Bridge® | Merrill DataSite®
Navigate the IPO process with confidence—from pre-IPO due diligence through SEC registration to post-IPO disclosure—with Merrill DataSite, the award-winning, secure virtual data room (VDR), and Merrill Bridge, the SEC-compliant disclosure management solution.
Get news and insights for compliance professionals from leaders at the SEC and FASB. With a focus on disclosure, this issue of the Dimensions Newsletter includes articles on US GAAP taxonomy and trends in XBRL data use and briefings on XBRL, SEC disclosure, GAAP and more.
Fiduciary updates covered in the May 2015 issue of Merrill Compliance Services News include the US Department of Labor's controversial proposal for handling retirement accounts and investor advocacy groups' joint claims against the SEC.
Financial & Regulatory Disclosure | Regulatory Disclosure | XBRL & Edgar Filing | Merrill Bridge®
With Merrill’s industry-leading CPA team, you can customize your approach with managing the XBRL process. Completely insource using Merrill Bridge, fully outsource leveraging Merrill’s consultants, or lean on us for select XBRL activities.
In accordance with the Dodd-Frank Act, the SEC proposed a new rule requiring disclosure of executive pay versus company performance in a new table with supporting XBRL data. The SEC estimates that 6,075 filers would be subject to the new proposal.
SEC compliance requires accurate data reporting, but even with correct numbers, avoidable XBRL tagging errors can lead to corporate liability and investor mistrust. Merrill reveals actual XBRL tagging errors by major corporations and simple corrections to prevent negative outcomes.
Fiduciary updates covered in the December 2015 issue of Merrill Compliance Services News include the US Department of Labor's controversial proposal for handling retirement accounts and investor advocacy groups' joint claims against the SEC.
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