The latest offering, which is part of the Thomson Reuters Accelus suite of solutions, will facilitate firms to file financial disclosures with the SEC with accurate preparation, update and deliver their financial disclosures through a single workflow.
According to the company, organizations need to be increasingly diligent in filing their disclosure reports with accuracy and timeliness, and it will become more important, when SEC will start checking the XBRL formatted files.
Organisations can use Disclosure Solutions PROFILE to simplify the in-house management of multiple processes relating to XBRL, while they can also utilise EDGAR to format, edit and file their XBRL and EDGAR documents in a single software application.
Coupled with this, Disclosure Solutions PROSERVE caters best practice XBRL consulting and filing services with an expert team of qualified CPAs and accountants, said the firm.
Disclosure Solutions PROSHARE offers a 24×7 service center that is a customizable and secure portal over which disclosure documents can be shared across the organization.
Thomson Reuters governance, transactions & legal risk senior vice president Kevin Ritchey said that XBRL-compliant SEC corporate disclosures require a deep understanding of XBRL specifications, the SEC’s EDGAR Filer Manual and US GAAP accounting standards.
"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," Ritchey said.
