Thomson Reuters today announced the launch of a next generation solution to facilitate the filing of financial disclosures with the U.S. Securities and Exchange Commission (SEC) in alignment with the SEC's XBRL mandate.
Thomson Reuters Disclosure Solutions will enable companies that file financial disclosures with the SEC to more accurately prepare, update and deliver their financial disclosures through a single seamless workflow. The next generation Disclosure Solutions service is part of the Thomson Reuters Accelus suite of solutions.
Organizations globally are facing new challenges in order to meet their XBRL and disclosure transparency requirements. With the temporary limited liability provisions ending soon and the SEC scrutinizing the XBRL formatted files to ensure accuracy and timeliness, organizations need to be increasingly diligent in filing their disclosure reports. This new solution will enable organizations to improve the preparation of financial reports and allow them to take advantage of expert consulting services and software to successfully file disclosures with the SEC.
Thomson Reuters Disclosure Solutions is a total solution that brings together three distinct and complimentary elements for financial disclosure transparency, accuracy and delivery. Disclosure Solutions PROFILE simplifies the in-house management of multiple processes relating to XBRL and EDGAR formats and enables organizations to edit and file their XBRL and EDGAR documents in a single software application. Coupled with this, Disclosure Solutions PROSERVE provides best practice XBRL consulting and filing services with an expert team of qualified CPAs and accountants to lead organizations through the process of accurately preparing and filing their disclosures. Additionally, Disclosure Solutions PROSHARE provides a 24x7 service center that is a customizable and secure portal over which disclosure documents can be shared across the organization.
"XBRL-compliant SEC corporate disclosures require a deep understanding of XBRL specifications, the SEC's EDGAR Filer Manual and U.S. GAAP accounting standards," said Kevin Ritchey, senior vice president, Governance, Transactions &amamp; Legal Risk, Thomson Reuters. "As all companies required to file with the SEC move to detailed XBRL in Q2 of this year, risk of non-compliance has never been higher. Thomson Reuters Disclosure Solutions helps alleviate these risks by providing market leading software and high quality interpretation and application of best-practice guidance on filing disclosures."
"Thomson Reuters has been a valuable partner in providing the types of quality products that have aided our SEC reporting for a number of years," said Donnie Tynes, senior vice president and assistant controller, Trustmark Corporation. "Their service, whether it has been training, advice, conversion or filing, has been delivered professionally and with our filing timetable in mind. Through our long association, their pricing has always been competitive and fair."
Through the Thomson Reuters Accelus suite of solutions, the Governance, Risk and Compliance business dynamically connects business transactions, strategy and operations to the ever-changing regulatory environment, enabling firms to manage business risk.