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Will The SEC Be Ready For Its Own XBRL Mandate?

The Securities and Exchange Commission (SEC) is getting a bit behind on XBRL. Since publishing the final rule in the federal register (http://www.sec.gov/rules/final/2009/33-9002.pdf) on February 10, 2009, the SEC has been preparing for the first official filing.

gs in XBRL. According to the guidelines, large accelerated filers with a world-wide capital float greater than $5 billion USD as of June 30, 2008 are required to begin filing XBRL with the first quarterly filing for periods ending after June 15, 2009.

In preparation for the new filings, XBRL US released the 2009 version of the US GAAP XBRL taxonomy. The new taxonomy contains guidance on the latest FASB pronouncements (FAS 160, 161, 163, 141 for example) that are required for most filers after December 15, 2008. FASB’s timetable requires companies to adopt the new Financial Accounting Standards and have their SEC filing for 2009 reflect the changes.

The new standards were published long after the present official XBRL 2008 US GAAP taxonomy. In other words, the new 2009 US GAAP taxonomy, which does incorporate all filing requirements for US GAAP as of December 31, 2009, is required for the filing of correct XBRL.  XBRL US has released the 2009 taxonomy and they are now available on their web site but they are not available on the SEC’s website.

As of May 24, 2009, the taxonomies listed on the SEC website as official (see http://www.sec.gov/info/edgar/edgartaxonomies.shtml ) are dated March 31, 2008. This means that any filing entity subject to the new FASB regulations will not have an official taxonomy with which to file. In fact, a few companies have already submitted XBRL to the SEC using the new 2009 taxonomy only to receive a swift rejection. The EDGAR system is not yet ready to accept the 2009 taxonomy and will not be until it is announced and listed on the SEC’s website. The XBRL viewer will also not accept the 2009 US GAAP taxonomy leaving filers with no means to validate their XBRL.

Will the SEC correct this problem? Of course they will. In the meantime, individual filers and filing agents are without any official means of determining the correctness of filings. Companies that are subject to the new FAS pronouncements are encouraged to prepare their filings with the new 2009 taxonomy and wait for SEC notification. Let’s hope that day arrives very soon.

 

 

 

Amazon Updates Kindle for iPhone

Amazon.com announced the latest version of their Kindle for iPhone application. The updated application is now available for download from the iTunes App Store. Kindle for iPhone 1.1 includes  landscape support, tap to turn a page, alternate background and text color selections to improve reading comfort in low light conditions, and image zoom capability. The Amazon Kindle for iPhone app allows customers access to more than 280,000 Kindle books wirelessly on their iPhones, the ability to access their entire library of previously purchased Kindle books stored on Amazon’s servers, and adjust the text size of books. http://amazon.com, http://www.apple.com/iphone/

Multilingual Communities: Engagement Through Language and Localization

Join us next month for:

S8. Multilingual Communities: Engagement Through Language and Localization

Where: Gilbane San Francisco Conference, Westin Market St.
When: Thursday, June 4, 2009, 8:30am – 9:30am

Lack of human and financial resources to address demand for localized content are common barriers to successful global business expansion. This session focuses on approaches to tapping into the multilingual resources available within communities of dedicated users to overcome these obstacles. Case study presentations show you how social networks are leveraged to create multilingual content that drives global revenues and user growth in two community-based businesses, iStockphoto and Second Life, a virtual world created by its participants.

Moderator: Mary Laplante, VP Client Services & Senior Analyst, Gilbane Group
Speakers:
Michael Smith
, Language Specialist, Localization Team, iStockphoto
Localizing for the Crowd: Growing Internationally Through Crowdsourcing
Danica Brinton, Director, International Strategies and Localization, Linden Lab

Complete conference program: http://gilbanesf.com/conference_program.html
Pre-conference workshop descriptions: http://gilbanesf.com/workshops.html

Register today!

Is Washington Serious about XBRL?

The Government Information Transparency Act (H.R. 2392), introduced May 14 by Rep. Darrell Issa (R-Calif.), would standardize the collection of business information throughout agencies. It would require agencies to use a single data standard known as eXtensible Business Reporting Language (XBRL) and require that collected information be made readily available for public access.

Of course, this begs the question of what data will be collected.  Once decided, a taxonomy can be easily assembled that would collect the data in a uniform way.  Software companies in the XBRL space have developed web-based html driven fill in the blank data collection devices that convert cell entries into XBRL unseen by the end user.  This requires a mind shift from a report-based approach to a data-based approach to receiving feedback on TARP projects.  It also requires government agencies to centralize their data requests rather than each agency develop their own required paper-based reports.

The key again is to formulate the taxonomy, collect the data, then develop reports using a common data repository.   To see how this approach can work, take a look the Dutch Taxonomy Project ) or the Bank of Japan project detailed here http://www.xbrl.org/CaseStudies/BoJ_XBRL_06.pdf

K4 Publishing System Now Also for Rent

Vjoon announced that media companies, publishing houses, and corporate publishers now have the option to rent vjoon‘s K4 Publishing System. According to their individual situation, publishers can hire as many K4 workstations, K4 Web Editor licenses, and other system components such as K4 Overview or K4 XML Exporter as their projects, order position, and workload demand.This new rental offering benefits both new and existing customers. New customers can test the system, existing customers can add additional K4 seats to their current system as needed. The costs for Adobe InDesign CS4 Server and the database are included in the rental fee. This enables Adobe InDesign and InCopy users to test the system and experience the time and cost savings brought on by K4 under actual production conditions. http://www.vjoon.com/

Inventive Designers Introduces IntelliStamp

Inventive Designers is introducing a new security solution for verifying digitally signed and printed documents. The software is called IntelliStamp and is available now. IntelliStamp has been developed to fill the gaps in the digital chain. Many people print out digital documents for their own records at home and then delete them from their PCs, without realising that by doing so they are losing the authenticity of those documents. Official organisations (companies, banks and government bodies) are also still printing and sending a large number of documents by post, although previously this was merely a way of remaining fully compliant with the legal framework. Here, IntelliStamp can function as an extension of the digital signature. IntelliStamp allows end users to print out the document themselves, without losing its legality. This saves companies money on printing and postage. IntelliStamp creates a bridge between digital and paper documents. The application ‘reads’ a digital document and creates an encrypted visual stamp, based on the content of the document and a digital certificate. The visual key is visible in printed form as one or several 2-D barcodes and can be easily scanned in order to verify the authenticity and origin of the document. http://www.inventivedesigners.com

JustSystems and Mark Logic Partner to Help with XBRL

JustSystems and Mark Logic Corporation announced a technology partnership that will enable enterprise organizations to streamline data aggregation, content creation and publishing of financial reports using XBRL. Driven by XBRL compliance requirements set forth by the SEC and by the need to eliminate accounting errors and fraud, JustSystems and Mark Logic will offer customers a technology integration that combines JustSystems xfy XBRL Report and MarkLogic Server. This integration option allows enterprise organizations to push complex financial XBRL content from MarkLogic Server to content applications built on the JustSystems xfy platform at any stage of a business workflow. Using this functionality, organizations can also analyze and create detailed financial reports from XBRL content and add XBRL-aware document management functionality to their existing MarkLogic Server deployments. JustSystems xfy XBRL Report lets users review and analyze XBRL data and share their results with others. To that end, xfy consumes XBRL, creating content that uses the XBRL data and publishes it in a web-ready HTML or PDF. Other users can view the published reports without any special software, just a standard web browser. http://www.justsystems.com/, http://www.marklogic.com

Across Announces Language Server v5

Across Systems announced version 5 of its Language Server. Under the heading “Enterprise Language Intelligence,” Across is deploying the concepts of Business Intelligence for usage in multi-language documents and content. With Across v5, companies operating at an international level gain greater control of their language resources and of the management of complex translation processes despite widespread outsourcing of translation projects. The new Across Language Server v5 offers several options for process automation as well as for workflow management and analysis: crossAnalytics is a new component that identifies key data and reveals previously untapped process optimization potential; Web-based project management is an option for managing complex translation processes without any client installation; crossMining introduces principles of data and text mining into language technology; crossAuthor Linguistic expands authoring support using rule-based quality assurance methods, and; crossAutomate, another new module, allows for free configuration and automation of processes. With the new product generation v5, the platform architecture of Across, the number of available connections for interacting systems has expanded to approximately 50, including interfaces to SAP ERP, BPM tool Plunet, Web CMS Typo 3 and the ECM solution of Optimal Systems, among others. http://www.across.net

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