Clarity Systems, says 100% of companies using CLARITY FSR for their SEC XBRL submission successfully file without any EDGAR Filer Manual (EFM) XBRL validation errors in the latest filing period, according to the XBRL Cloud's EDGAR Dashboard. An EFM validation error is an indication of non-compliance with one of the SEC rules and may cause the XBRL filing to be rejected upon submission.
In CLARITY FSR, Clarity Systems' integrated XBRL Solution, the XBRL tagging process is embedded within the external reporting process. As such, says the company, XBRL tags can be applied and validated at any time within the external reporting process - avoiding a "mad rush" to apply the XBRL tags just prior to filing with the SEC. And CLARITY FSR's "validation" functionality includes all of the tests that can be automated in the SEC's Interactive Data Test Suite so any errors are identified before filing added the company. Furthermore, when validation errors are identified, CLARITY FSR provides the user with a solution to each validation error which expedites the resolution process.
"This is an important milestone because June 30, 2010 was the first time that the largest SEC registrants had to file detailed tagging for the notes to financial statements, a much more time consuming process with a higher risk of errors," said Paul Hill, Chief Operating Officer, Clarity Systems. "No EFM validation errors were generated by any filers using CLARITY FSR as the XBRL creation software, despite 40% of them performing detailed tagging for the first time".
The above results were based on data for filings from July 1, 2010 through August 11, 2010 presented in the XBRL Cloud's EDGAR Dashboard (http://edgardashboard.xbrlcloud.com/edgar-all-index.html) and includes all vendors that service at least 10 filers.
