Adobe Among Top Model Companies in Study of XBRL Filings
A recent study of the XBRL documents filed as part of the U.S. Securities and Exchange Commission’s (SEC) voluntary Filign Program (VFP) has name Adobe Systems Inc., an XBRL client of SimpleX Data Technologies, one of the model companies in terms of both quantity and quality of its XBRL filings. Since the VFP began in early 2005, Adobe has made six consecutive quarterly filings, all of which are fully validated and compliant with the specification.
“Adobe is pleased to contributing to the development of a top-quality XBRL reporting standard. SimpleX Data Technologies has been a valuable resource, helping to ensure the quality of our filings made under the SEC’s Voluntary Filing Program,” Danica Joseph, SEC Reporting Manager for Adobe said in a written statement announcing the honor.
The study, “How Valid Are They? – An Examination of XBRL Filing Documents with the 14th XBRL International Conference in December 2006 by Kuo-hua Chou of the Department of Accounting at the National Pingtung Institute of Commerce in Taiwan. The study examined 97 XBRL filings made with the SEC EDGAR database and concluded that only 41 of the filings were valid and conforming to the latest XBRL Specification 2.1 standard. The study examined the filings based on several key factors including formation of XBRL, Technical validation, Calculation validation, Taxonomy Versioning, etc.
“We are extremely happy to be able to assist our clients like Adobe systems with their XBRL filing efforts,” said Jay Chandran, Senior Partner of SimpleX Data Technologies. “Our client Adobe Systems being named one of the ‘model companies’ recognizes the high quality of our XBRL service. This is indeed a milestone for our company and we are very proud of it. We will continue to provide the same high-quality service to all our clientele so they all make the ‘model XBRL filers’ list.”