Software/Service Package facilitates XBRL-based filing.
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Press Release Summary:
SEC XBRL Package assists public companies with filing XBRL (Extensible Business Reporting Language) financials to U.S. Securities and Exchange Commission (SEC). Program includes software and consulting services for filing financials in XBRL format with SEC acceptance guaranteed. Professional consulting staff provides technical expertise for completely creating accurate XBRL financials while simultaneously building repeatable XBRL filing process.
Original Press Release:
Rivet Software Announces XBRL-Based SEC Package
SEC Filers Reap Benefits of XBRL for Under $10K
DENVER, Feb. 21 / -- Rivet(TM) Software, an innovator in Financial Integrity Management(TM) and XBRL (Extensible Business Reporting Language) solutions, today announced an innovative program to assist public companies with filing XBRL financials to the U.S. Securities and Exchange Commission (SEC). The flat-fee package includes software and consulting services for filing financials in XBRL format, with SEC acceptance guaranteed.
Public companies benefit from XBRL filings and the Rivet SEC XBRL Package in three ways:
o The SEC offers special incentives to encourage filing in XBRL (see www.rivetsoftware.com/vfp for details)
o XBRL filings demonstrate corporate thought leadership around openness and enhanced communication with analysts and investors
o Companies that don't take control of their own XBRL filings put the XBRL conversion into the hands of third parties who may misrepresent the company's XBRL financials
"Public companies frequently have the impression that XBRL filings to the SEC are costly, time-consuming and complex. We created this package to demonstrate that companies can produce these filings quickly and inexpensively," says Mike Rohan, President of Rivet.
By combining industry leading XBRL software with deep experience in creating XBRL filings, Rivet is particularly well suited to offer such a package. Rivet has assisted major corporations with 75 percent of SEC XBRL filings to date. Rivet's professional consulting staff offers both Certified Public Accountants (CPA's) and technical expertise for completely and correctly creating XBRL financials, while building a repeatable XBRL filing process for companies at the same time.
"The SEC Voluntary Filing Program represents a major advancement in modernizing public company reporting for the U.S. economy. We look forward to working with Rivet to help companies transform XBRL into an essential part of their existing business reporting processes," says Dennis Santiago, CEO of Institutional Risk Analytics, a Rivet partner supporting the launch of the SEC XBRL Package.
Rivet's SEC XBRL Package includes the following software and services:
o Two licenses of Dragon Tag(TM) and Dragon View(TM) Premiere XBRL applications for creating, validating and reviewing XBRL documents
o Consulting services to create XBRL for earnings releases, core/primary financial statements, or an entire Form 10-K/10-Q (including non-financial information such as Notes to the Financials) for the current period and up to three years of historical information
o Assistance with selecting a standard taxonomy (e.g. US GAAP) and extending or modifying that taxonomy as needed by the company
o Serving as the intermediary between company and existing Filing Agent to guarantee successful filing of XBRL documents to the SEC
Package Availability and Pricing
Rivet's SEC offering is available now directly through Rivet or via trained Rivet Implementation Partners such Institutional Risk Analytics (institutionalriskanalytics.com). Pricing is US $9,500 for core financial statements from Form 10-K, 10-Q or 8-K earnings release, with a recurring service available for US $3,500. This package price does not include non- financial information such as Notes to Financial Statements (which are optional for participation in the Voluntary Filing Program).
The cost for XBRL conversion of non-financial information contained in Forms 10-K and 10-Q is an additional US $9,500, with a recurring service available for US $7,000.
Additional pricing and program details on Rivet's SEC XBRL Package can be found at rivetsoftware.com/SECPackage.
About Rivet Software
Rivet Software is an innovator in developing effective and easy-to-use Financial Integrity Management and XBRL applications. Based in Denver, Colorado, USA, Rivet Software is focused on addressing new worldwide technology requirements for the business reporting and accounting community. All Rivet Software products adhere to the XBRL global reporting standard and work with the de facto standard desktop software, Microsoft Excel and Word. The company's management team includes industry veterans, founding members of the XBRL community and past advisors to the American Institute of Certified Public Accountants (AICPA). For additional information, please visit www.rivetsoftware.com.
(C) 2006 Rivet Software, Inc. All rights reserved. Rivet, Dragon Tag and Dragon View are either registered trademarks or trademarks of Rivet Software, Inc. in the United States and/or other countries. All other trademarks are the property of their respective owners.
