In response to wide interest shown in the first edition of its 2011 XBRL Buyer’s Guide, raas-XBRL has released a revised and updated second edition, complete with a raas-XBRL scorecard.

The updated guide has increased the total coverage of vendors to 26, covering four categories of filer options.  According to raas-XBRL, many smaller reporting companies have yet to make a decision about how they will meet the U.S. Securities and Exchange Commission’s deadline of August 15 for filing the second-quarter 10-Q.

“We’ve selected what we believe to be the best XBRL preparation software available on the market; not just the best, but a true paradigm shift,” said raas-XBRL chief executive and former XBRL U.S. Steering Committee chairman Daniel Roberts. “We’re talking about software that has been producing high quality filings to the SEC, including detail tagged filings, with error rates at or below the average of all SEC filings.”

The guide also identifies a framework of four main criteria which may be weighted accordingly to structure decision-making when selecting an XBRL preparation solution. These include: how much time will this really take; what is the estimated cost by solution; and what is the vendor’s history with XBRL.

A copy of the Buyers Guide can be downloaded here.


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