Software developer Rivet Software is introducing software to convert financial reports and documents into the interactive format that the Securities and Exchange Commission has been promoting.
Last week, SEC Commissioner Christopher Cox announced that data tags for the entire system of generally accepted accounting principles had been developed in the format, the Extensible Business Reporting Language (see SEC Pushes XBRL Tags for GAAP).
Rivet's product, Genesis, will allow mutual funds and other investment companies to submit prospectus and financial filings to the SEC in XBRL. Last month, the company and its partner, Bowne & Co., submitted a Risk Return XBRL filing for the John Hancock Bond Fund using Genesis.
The software converts documents from sources such as Microsoft Excel, Word and PDF documents into XBRL format. An option provides role-based workflow with an audit trail. A "smart template" can be used for subsequent filings of a document.
The product is available for testing by beta users and will be generally available in the first quarter of 2008 on a hosted or stand-alone basis.
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