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December FERF Focus: Challenges with XBRL

Now that the SEC’s limited liability window for XBRL filings has expired, filers of XBRL exhibits are fine tuning their procedures (or exploring alternatives) to produce high quality XBRL reports.  FERF has just released two new research reports to help, from both the XBRL preparer and the XBRL user perspective.  Challenges with XBRL describes best practices in preparing the XBRL Exhibit, and Data Mining with XBRL describes a number of solutions that executives can use to access XBRL data provided by other companies.
To help FERF continue to bring members research of the utmost importance in the coming year, we invite you to suggest topics that would be most beneficial to you personally and professionally. To make your suggestions, click here.
Each month, FERF Focus highlights new, must-read research reports and surveys.  FERF surveys are important because they provide valuable benchmarking information for you and your company.  To encourage more participation in the Technology Issues for Financial Executives survey, FEI’s Committee on Finance & IT (CFIT) has launched a Chapter Challenge.  Details are provided below. 
This month, we are excited to launch a new survey requesting senior financial executives to share challenges they experienced during the M&A Transition phase. And don’t forget to complete the Financial Executive Compensation survey, one of FERF’s most popular surveys.
Wishing you a yours a Happy Holiday and a Prosperous New Year!
Marie N. Hollein, CTP
President & CEO, FEI and FERF
This executive report addresses the needs of issuers: those companies completing their eXtensible Business Reporting Language (XBRL) filings for U.S. Securities and Exchange Commission’s (SEC) compliance requirements. In examining how their peers have submitted filings using full-service, outsourced solutions, cloud tools or an in-house integrated system, businesses can consider the benefits and challenges associated with each platform. This paper provides XBRL practices, policies and procedures for 2014.
There are many analytical tools that can be used to access XBRL data.  This report identifies several solutions that are being offered, along with an illustration of the functionality, outputs and links to receive further information. Please note that FERF does not endorse any solutions and the purpose of this report is strictly informational.
FERF, in collaboration with FEI’s Committee on Finance & IT (CFIT) and Gartner, has launched the annual Technology Issues for Financial Executives survey. In its 15th year, the survey’s goal is to gain financial executives’ perspectives on information technology within the enterprise.
To encourage participation, CFIT is holding a Chapter Challenge for the survey. The rules of the challenge are simple – Chapters will compete against other Chapters in their tier by encouraging their membership to take the online survey. At the completion of the survey, the Chapter in each tier with the most participation will be awarded with a new Microsoft Surface 2 tablet. All tier winners will be announced in the Spring of 2014.
This survey is completed by FEI members just like you. Conducted by FERF, in collaboration with Grant Thornton, the 8th annual Financial Executive Compensation Survey will provide benchmarking information on participants’ total direct compensation packages, along with other benefits. All responses are confidential, and participants will remain anonymous. We expect the results to be available in Spring 2014.
FERF, in collaboration with Merrill Corporation is launching a new survey to find out what have been the top 10 challenges that senior financial executives face (or have faced) during the M&A transition phase. We are asking those who have been involved in a M&A transaction within the past 5 years to share challenges and solutions, which will be compiled for your review.

Research Projects Looking for Sponsors
2014 Audit Fee Survey
Our annual Audit Fee Survey is one of the most popular and widely quoted research reports.  In our 2014 survey, we expect to add a few choice questions regarding the PCAOB’s recent proposal for the Auditor’s Report.
Financial Services Regulation
The SEC is still drafting more regulations prescribed by the Dodd-Frank legislation and the Federal Reserve is implementing Basel III.  These rules and regulations may impact more companies than just the banks.  This research project will provide an overview of all the financial services regulations on the horizon, and how they may affect your company.

Nominations for the 2014 Hall of Fame Class of Inductees are now open and will close on Monday, March 31, 2014. Consideration for Hall of Fame induction is through peer nomination only, and both members and nonmembers of FEI are eligible for nomination.
Online Tools
Responses to our annual surveys on Audit Fees, Executive Compensation and Finance Function operations can be accessed with our online tools »
Posted: 12/20/2013 10:34:03 AM by Tom Thompson | with 0 comments
Filed under: Data,FERF,Focus,Mining,with,XBRL,Challenges

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