The article underscores the importance of both control and accountability as companies look to comply with XBRL filing requirements. It states that,
"Even if a company chooses to outsource the effort, management must understand the specifics of the SEC mandate, and the responsibility for compliance still remains with management."Colleen opines that because of this accountability, companies might be better suited to integrate XBRL compliance into their financial reporting process in the long term.
Two primary issues make this challenging in the short term. Those issues - cost, coupled with the fact that most outsourcing options are 'bolt on' solutions at the end of the serial process - currently make it challenging for companies to exercise adequate control.
WebFilings offers a unique solution that leverages our innovative software to allow tagging across the life cycle of the document (even tagging zero values) in a manner that reduces time pressure, and is less costly than 'bolt on' serial solutions. Essentially, WebFilings provides the value of an 'outsourced' process with greater internal control and lower cost.
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