Rivet Software Makes XBRL History with First Mutual Fund Filings

Technology firm leads way in complying with new SEC mandate for risk/return summaries.
By: Tina Riffe
Dec. 22, 2010 - PRLog -- Denver, CO – Rivet® Software, the leading provider of standards-based business reporting and analytics, successfully created two risk/return summaries that were submitted to the Securities and Exchange Commission (SEC) in eXtensible Business Reporting Language (XBRL) format.  These XBRL filings for mutual fund companies are the first filed with the SEC in compliance with a new mandate that officially takes effect on January 1, 2011.

The first of the two risk/return summaries submitted on December 17, 2010 was for a global investment company.  Nearly an hour later, an XBRL filing with 44 different series was submitted for a large Exchange Traded Funds (ETFs) group with international reach. The filings were the first to appear on the SEC’s RSS feed which includes a list of the most recent interactive data documents submitted under the “Interactive Data for Mutual Fund Risk/Return Summary” rule.

These filings are the first products to “go live” from Rivet’s Mutual Fund team that was formed more than a year ago to help companies respond to new SEC risk/return summary filing regulations.  

“This is a huge milestone for Rivet and the XBRL community in general,” said Rivet’s Manager of Mutual Fund Services, Sean Sandoval. “It’s a public validation of the software and services we’ve created to manage the complexities of mutual fund reporting requirements.”

Rivet is currently a leading XBRL product and service provider, with nearly 1,000 SEC filings to date.  The company’s Crossfire Financial Reporting Platform™ software, currently used for more than 25% of Fortune 500 filings, was modified with enhancements and new capabilities to support the unique requirements of mutual fund filings. Among the features of Crossfire Compliance for Mutual Funds is a robust rendering engine, interactive reviewer’s guide, and easy-to-use tagging and reporting tools.

“Beyond the technology feat, this is a success story for managing the communication channels and relationship dynamics between client, XBRL provider and printer,” said Sandoval. “It’s impressive that these companies chose to be at the front of the line in submitting the first filings to the SEC in compliance with a mandate that doesn’t officially kick in for a couple of weeks.”

Rivet’s Crossfire Financial Reporting Platform™ is available as a Software-as-a-Service (SaaS) product. This platform leverages Microsoft® Excel, SharePoint® and SQL Server® technologies and runs in a web browser. Designed by accountants for accountants, Crossfire features data comparisons, single hub information access, an integrated information center and much more.

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Founded in 2002 and headquartered in Denver, Rivet Software is the pioneer in standards-based business reporting and analytics. Rivet empowers companies with control over the collection, analysis and dissemination of their internal and external financial information to help advance the transformation of business communication worldwide. This privately-owned technology company works with more Fortune 500 companies than any other XBRL vendor and will emerge from Q4 of 2010 as the XBRL vendor of choice for companies in search of a cost-effective, reliable solution for SEC reporting compliance.
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Tags:Xbrl, Financial Reporting, Sec Compliance, Xbrl Sec, Xbrl Technology, Mutual Funds
Industry:Technology, Accounting, Financial
Location:Denver - Colorado - United States
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