About 7,000 to 8,000 smaller companies, the so-called tier 3filers, must start tagging their financial filings into theinteractive XBRL format this year, but some worry third-partyvendors won't be able to handle the strain of tagging data for somany companies.
Financial Executives International cited “concerns over thereadiness of service providers to handle the onslaught of demandcoming in 2011″ in a recent letter to the Securities and ExchangeCommission. This year's third wave follows the 500 large companiesrequired to submit XBRL-formatted files in 2009 and the 1,200midsize companies that started last year.
About three-quarters of FEI's members use outside vendors togenerate the XBRL files, according to a recent survey, saysLorraine Malonza, FEI's senior manager of accounting policy andfinancial research. She points out that even more “smallercompanies will not have the resources to get this donein-house.”
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Susan Kelly
Susan Kelly is a business journalist who has written for Treasury & Risk, FierceCFO, Global Finance, Financial Week, Bridge News and The Bond Buyer.
