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Sarbanes Oxley : Technology : XBRL

Open Source XBRL Interactive Financial Report Viewer Released

January 25, 2008 02:00 PM

Mike Rohan
President and CEO
Rivet Software

Rivet® Software announced the completion and delivery of the Interactive Financial Report Viewer to the U.S. Securities and Exchange Commission (SEC). This free, Web-based XBRL® viewing and analysis application is designed to demonstrate to analysts and investors the interactive capabilities of XBRL documents filed through the SEC's Voluntary Filing Program and can be accessed through the SEC web site (www.sec.gov).

The SEC awarded two contracts for the viewer project on September 25, 2006 -- one of which was awarded to Rivet, in partnership with Unisys Corporation (NYSE:UIS - News). Rivet's popular Dragon View® XBRL viewer formed the foundation for this innovative prototype and contributed to the successful completion of the project.

The Interactive Financial Report Viewer has been available for test access through the SEC's Web site since December 2006. Since that time, nearly 6,000 visitors from 50 countries have reviewed over 500,000 financial pages generated in XBRL. The concept of interactive data and XBRL -- the XML-based global standard for the electronic communication of business and financial data -- has been consistently advanced by SEC Chairman Christopher Cox as the primary means for efficient access, validation and analysis of financial data by analysts and investors.

Currently, XBRL documents submitted to the SEC under the Voluntary Filing Program are published on the SEC EDGAR public Web site in their native format, which is difficult to view without XBRL-enabled software. This prototype viewer requires only a Web browser for viewing and allows investors to view and analyze interactive documents with ease and efficiency, while masking the complexity often associated with XBRL and interactive data.

This phase of the prototype viewer delivers the following capabilities:
  • Provides multi-tabbed views of filed financial statements (and accompanying notes) from multiple companies in a financially-focused, non-technical Web site
  • Enables users to print and export reports to spreadsheets and create charts to provide visual displays of key financial data
  • Provides a supplemental, multi-quarter comparative analysis and allows the reader to compare filings from two separate companies
  • Enables users to click an icon to "subscribe" to reports for either a specific company or all companies who file interactive data with the SEC.
  • These RSS (Really Simple Syndication) feeds provide automatic notification to users when a new filing is available and display the current report with a single click.

Open Source Project
The SEC has indicated that the software developed under this contract will be available to users free of charge and will be released as an open source application to help facilitate broad adoption and use by regulators, companies and investors worldwide. In support of the SEC's strategy, Rivet is also releasing its widely used Dragon View desktop viewer as an open source product.

"The SEC's objective in awarding this contract was to provide investors with a free and easy-to-use viewer that demonstrates the power and flexibility of interactive data," said Michael Rohan, President of Rivet Software. "We are pleased to have worked with the SEC on this important project and to be able to complete it in less than six months from the contract award date. We believe that the contribution of this viewer and our Dragon View application to the open source community will significantly advance the use and adoption of interactive data around the globe."

Based in Denver, CO, Rivet Software is an innovator in developing effective and easy-to-use interactive business solutions. Rivet's i-Fi(TM) Suite of interactive financial applications combines the new server-based Crossfire(TM) Analyst product with Rivet's popular Dragon Tag® XBRL creation and Dragon View viewing solutions to provide interactive data support throughout the entire reporting supply chain. Crossfire Analyst is the first business-focused application to deliver a fully scalable solution to easily collect, analyze and map XBRL data, thereby providing regulators, analysts, investors and corporations with a powerful and flexible solution for interacting with financial and business data. All Rivet Software products adhere to the XBRL global reporting standard and work with the de facto standard desktop software, Microsoft Excel® and Word.

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