CoreFiling's Touchstone, a new XBRL review tool, reduces risk, puts SEC Filers in control
Paris, 25th June 2009
CoreFiling, the XBRL software specialists, have unveiled Touchstone, a desktop tool that helps companies understand every aspect of their interactive data documents before they are filed with the U.S. Securities and Exchange Commission. Touchstone helps companies ensure that their XBRL documents, whether built in-house or outsourced, are complete, accurate and consistent representations of their financial disclosures.
CoreFiling CEO, John Turner, commented "We expect that the report generated by Touchstone will form a vital part of the Disclosure Controls and Procedures that surround the release of material information in XBRL format for many companies."
With filing deadlines approaching for the largest 500 US based SEC registrants and with thousands more companies to follow, Touchstone fills a vital market niche: providing CFOs and Controllers a way of determining, in-house and securely, the extent to which their XBRL exhibits meet the SEC’s stringent filing rules.
Turner went on to say "The compliance community has very real, very proper, concerns about the way companies should review XBRL documents. Recent commentary about the number of errors and inconsistencies contained in many XBRL documents has been setting off alarm bells within filing companies, and quite rightly so."
"Touchstone is designed to assist External Reporting teams review these documents and reduce those risks. SEC filing in XBRL is new and it is almost inevitable that there will be errors. Notwithstanding the fact that the majority of the initial XBRL filing companies have chosen to outsource the production of these documents, the content and quality of these documents remain management’s responsibility. Touchstone can help companies minimise problems and reduce the chances that their data might raise unhelpful flags with the regulator. From a macro perspective, Touchstone helps ensure that these filings are immediately useful for investors and analysts."
Released at the XBRL International Conference being held in Paris this week, the tool is immediately available.
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.