Newsfile Corp. asks "Are you ready for your first XBRL detailed tagging? We are!"
XBRL detailed tagging done in two business days starting at $3,800 per year
Vancouver, British Columbia and Sunnyvale, California--(Newsfile Corp. - June 18, 2012) - Newsfile Corp., an innovative nationwide EDGAR filing agent, and Compliance Xpressware LLP, a Silicon Valley-based software company that develops compliance solutions, today announced the implementation of a major update to the Xpressfiler software to support detailed tagging requirements mandated by the SEC.
In January 2009, the SEC issued its “Final Rule” regarding Interactive Data or XBRL, which required all domestic filers using US GAAP to identify and tag accounting policies, schedules, and numbers representing facts contained in the Notes to Financial Statements. Often referred to as “year 2 tagging”, “detailed footnote tagging”, “DFN”, or simply “detailed note tagging”, this additional requirement requires Smaller Reporting Companies and Accelerated Filers starting with their Quarterly Reports (Form 10-Q) for periods ending after June 15, 2012 to furnish XBRL files.
With the upgrade to Xpressfiler, Newsfile is able to offer a basic package to detail tag an Issuer’s Financial Statements in two business days starting at $3,800 per year (3 Form 10-Qs & 1 Form 10-K).
A game changer
“Our in-house expertise and proprietary software have enabled us to control the entire process of Edgarization and XBRL tagging under a single platform. Our clients’ confidential documents are never outsourced to a third party and as a result our clients can always directly communicate with the person preparing their filing,“ said Bill Batiuk, Newsfile’s President. “Since Xpressfiler was developed from a filing agent’s perspective, we are able to realize significant efficiencies in processing time which have enabled us to turnaround detailed tagging within two business days of receiving final documents at a base price of $3,800 per year.”
Software that helps reduce cost
“Not only does Xpressfiler now support detailed tagging requirements as set out by the SEC,” said Fuad Rahman, Ph.D., CEO of Compliance Xpressware LLP, “Xpressfiler has implemented a TagRoll function that can automatically determine which tags are able to be repeated in future filings and allows them to be rolled forward. Once a document is XBRL tagged, TagRoll allows subsequent filings to be done quickly - making the process less costly.”
About Newsfile Corp.
Newsfile Corp. provides a one-stop compliance solution for public companies, focusing on news dissemination and regulatory filing via the EDGAR and SEDAR systems. Newsfile offers a completespectrum of filing solutions from full service to facilitating a transition to in-house capability using Xpressfiler. Filing services include XBRL consultation, taxonomy creation and maintenance, and tagging.
For more information, please visit http://www.newsfilecorp.com/.
About Compliance Xpressware LLP
Compliance Xpressware develops software solutions for SEC compliance. Xpressfiler, the company’s cloud-based, end-to-end solution for EDGAR filing is a comprehensive software suite that is both affordable and easy to use. Based in the heart of Silicon Valley - Sunnyvale, California - Compliance Xpressware was formed by experienced software technologists and filing agents dedicated to helping public companies report to the SEC.
For more information, please visit http://www.compliancexpressware.com.
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