CoreFiling will provide insights and confidence to SEC filers with new Touchstone XBRL review tool
New York, 8th April 2009
XBRL software and solutions provider, CoreFiling, has announced limited pre-release availability of Touchstone, a unique tool designed to help SEC filers ensure that their Interactive Data submissions accurately reflect their financial disclosures and meet new compliance rules.
Creating an XBRL report involves making a large number of tagging and definition choices that determine how regulators and investors will interpret a company's material disclosures. Touchstone provides an easy way to review those choices and a robust process for identifying anomalies and errors before they are released to the market and the SEC. The tool makes it simple for accountants to browse through drafts of their interactive data documents, even highlighting changes between versions.
For a limited time, CoreFiling is providing a free XBRL document review service to demonstrate Touchstone's capabilities. SEC filers can receive a free report containing a review of a finalised XBRL exhibit.
The SEC has recently released an updated draft of the Edgar Filing Manual, the document that defines the rules relating to electronic submissions to the SEC. The new version includes over 200 rules relating to Interactive Data submissions. Many of the rules can be completely automated by validation software, but a significant number of rules require some element of manual review in order to ensure compliance. Touchstone provides support for both classes of rule, allowing users to perform a "pre-flight" check prior to submission.
"Even though companies are adopting different approaches to the creation of their Interactive Data reports, ultimate responsibility for the accuracy of the submissions remains firmly in the hands of the filer. Touchstone greatly simplifies the process of determining compliance with relevant SEC rules and helps to identify problems early on. SEC filers will find Touchstone an essential part of their disclosure process," commented John Turner, CoreFiling CEO
Regulators, government agencies and corporations around the world rely on CoreFiling for structured data life-cycle management. Headquartered in Oxford in the UK, we operate globally. Contact us to arrange a free Touchstone filing review.