Rivet's XBRL Analysis Tool in Sync with AICPA's Enhanced Biz Reporting Effort

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, aicpa@rivetsoftware.com, 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.

You may like these other stories...

If you're thinking that bitcoin and digital currency generally are merely some one-off flash in the pan, the new Digital Currency Council would argue otherwise. The council launched in September and already had 400...
Sponsored Content from Confirmation.com: AccountingWEB takes a look at confirmations in audit engagements, how they can serve as a doorway to fraud, and what you can do about it. Today, auditors have to fight fire with...
If your small-business clients are on the fence about cloud accounting, they've got plenty of company. A recent survey by market researcher and consultant Software Advice indicates a decidedly mixed view by respondents...

Already a member? log in here.

Upcoming CPE Webinars

Oct 21Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience’s communication style.
Oct 22This webinar will include discussions of important issues in AU-C 800, Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
Oct 23Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.
Oct 30Many Excel users have a love-hate relationship with workbook links.