Denver-based Rivet Software has taken another step forward as the accounting professions’ most prominent developer of eXtensible Business Reporting Language (XBRL) technologies and has further intertwined its business future with the American Institute of Certified Public Accountants (AICPA) by rolling out a business analysis software suite.
Like all of Rivet’s products, it’s new Interactive Financials (i-Fi) Suite leverages XBRL, which is the business report version of the EXtensible Markup Language (XML) platform for coding individual items within documents so that they can be immediately accessed and collated as needed by the reports’ preparers and end users, including investors, banks and regulators, such as the Securities and Exchange Commission (SEC). The SEC calls XBRL tagging “interactive data.”
Rivet says that i-Fi will allow users to create analysis of XBRL information, including non-numeric information from business filings, such as the Notes and MD&A (Management’s Discussion and Analysis). The suite is designed to integrate with Rivet’s established line of Dragon products that automate the process of adding XBRL tags to data on spreadsheets and other financial reports generated from accounting software data.
The software vendor announced the new product at about the same time the AICPA has combined its separate XBRL and Enhanced Business Reporting (EBR) programs under one management in an effort to further advance the business reporting model to include non-numeric information, such as MD&A and Notes. Amy Pawlicki, an assurance and advisory services director overseeing the coordination, says the combined management will make it easier for team members to recognize areas where XBRL and enhanced business reporting overlap.
Although Rivet has not mentioned the latest AICPA effort per se, it has noted that the new i-Fi will indeed further enhanced business reporting. “The i-Fi suite not only delivers on the promise of interactive data, but also provides investors, analysts, regulators and others with unprecedented insight into (XBRL),” said Rivet president Mike Rohan.
The AICPA and Rivet have been working together since last November when they announced a marketing agreement in which the institute is promoting Rivet’s Dragon line by enabling members to order the products at an AICPA-specific e-mail address, firstname.lastname@example.org, and to receive special support options.
Rivet also expects the SEC to look favorably on its latest product because of the commission’s difficulty in analyzing the reports it receives. Its i-Fi announcement cites April 25 testimony that SEC Chairman Christopher Cox gave at a U.S. Senate Committee on Banking, Housing and Urban Affairs hearing: “Today, the SEC has over 800 different forms. If one goes beyond the cover pages to the entire form, to focus only on the truly unique information in each one, it’s been estimated that instead of the 800 forms now required, the SEC might have need of no more than a dozen"
More recently, Rivet has launched an effort to build a sales channel, much like the channels that have long been used by accounting software vendors. Rob Blake, Rivet marketing vice president, told AccountingWEB that his channel recruitment will focus on accountants because, “They are critical to financial reporting and to XBRL.” He has been unavailable for comment on how many channel members have been recruited.