Due to the new technology, the SEC offered a Voluntary Filing Program
(VFP) and a phase-in period for all filers based on their public float.
Rivet has provided software and assistance to over half of the filers in the SEC Voluntary Filing Program
In March 2005, the SEC launched its XBRL Voluntary Filing Program
(VFP), giving companies the opportunity to submit their financial filings in XBRL format as a supplement to their traditional ASCII or HTML filing.
The authors selected Rivet Software's Dragon Tag to create their document because it is currently the most common tool used by issuers participating in the SEC's voluntary filing program
(see Exhibit 1).
* CCR members in the XBRL voluntary filing program
met with SEC staff on May 2 to discuss their experiences, as well as to get an update on recent actions regarding the development of XBRL taxonomies.
Last year, the SEC instituted the XBRL Voluntary Filing Program
. Since then, SEC Chairman Christopher Cox has publicly encouraged all SEC registrants to adopt XBRL for their filings.
The analysis is based on the experience of participants in the SEC Voluntary Filing Program
"Interactive Data: Is the SEC's Priority Your Priority," on page 29, describes the experiences of financial executives at several of the approximately 40 companies that are currently participating in the SEC's Voluntary Filing Program
for filing in XBRL.
The Securities and Exchange Commission, for example, has begun a program offering incentives to public companies that commit to regular participation in the XBRL Voluntary Filing Program
. The Federal Financial Institutions Examination Council and its member agencies launched their XBRL-based Call Report program last Oct.
The workshop also will feature case studies from companies who are participating in the Securities & Exchange Commission's (SEC) Voluntary Filing Program
* The SEC Voluntary Filing Program
, how it is working and where it is going.
Last February, the SEC had announced an XBRL Voluntary Filing Program