When mapping your financial statements to the 2009 GAAP taxonomy, do not choose any item that indicates it has been deprecated.  In the 2009 taxonomy, several previous items were superseded, or found to be duplicates of other concepts.  They are, therefore, obsolete items.  The label of a deprecated item will indicate what element(s) could be used instead.

Southridge Services, owned and operated by accountants who understand financial tables, offers "Smart" table striping.  As you know, a typical EDGARizer will simply stripe every other row in alternate colors from the top to the bottom of a financial table.  However, this careless practice makes for tables that are not as professionally presented as they could be.  We stripe only the rows that actually have data, which leaves header rows with a white background that off-sets that section as a separate section of the financial table.

As you can see in the example below, the "Cash Flow from Operating/Investing/Financing Activities" headers are not striped, but left with a white background that highlights and offsets those sections of the table, making it easier for investors and other readers of your financial statements to assimilate the information.  And happy readers are a good thing!  They will appreciate the professionalism with which you file your SEC reports - using Southridge Services!

One of the greatest frustrations felt by SEC reporting companies is the amount of time required by the auditing company to review the "edgarized" proof, especially as a filing deadline looms.  To decrease the amount of time necessary to compare the Word version of the 10-K annual report to the EDGARized pdf proof, the auditors may want to consider utilizing the tools available in Adobe Acrobat's Professional software.  This is not the "free" downloadable version of Adobe's "Reader", but the cost is minimal to obtain the tool.  In fact, we obtained the Reader Version 8 for only $150 from an online store that is 100% legit and licensed.  (Call for more information if interested.)

Once Adobe Acrobat Professional is opened, then go to the menu bar and select "Tools" - then "Compare Documents."  Then one simply browses to a pdf copy of the Word file (which can be made by printing the Word file to pdf), and also selects the pdf copy of the EDGARized proof.  Adobe can then do a side-by-side report that indicates anything that is different from the two documents.

A couple hints:  Insert blank pages as appropriate in either document so what is on any given page is aligned with what is on the other document's similar page.  This makes reading the "side-by-side" report much easier.  Also note that sometimes Adobe finds differences that really are not (it errs on the conservative side!).  These are typically instances in which a word wraps differently at the end of a paragraph in one document than in the other.  So those are easily ignored.

Of course, auditors will likely want to manually review every line and figure in the tables one by one, but using Adobe's "Compare Documents" feature can greatly increase the level of assurance and the speed with which the text portion of two documents can be compared.

The following announcement regarding an additional fax line to submit Form ID requests to the SEC appeared on the SEC's website March 11, 2009:

Notice for Filers Requesting EDGAR Access Codes

Because of the increased volume of requests for new or updated EDGAR access codes, the SEC is providing an additional telephone line to use for submitting the notarized document required to accompany the electronic request. Filers may use this telephone line when submitting notarized documents for New Form ID requests or requests to Update Passphrases and Convert a Filer from Paper to Electronic. Please submit only one copy of the notarized documents. Please include the Printed Name of the Signer and Title of the Signer in your fax for Convert Paper to Electronic and Update Passphrase requests. In addition to the existing FAX lines listed in the Filer Manual, access code requests can also be sent to 703-813-6961.

http://www.sec.gov/info/edgar/ednews/formiddocs.htm

Below is a link to the complete text of the SEC's Final Rule regarding the approved XBRL reporting rules.

If you would prefer more a more simple and straight-forward explanation of how this applies to your business, please contact us anytime.

Beginning March 15, 2009, Form D filers are no longer permitted to submit paper forms - they must be filed electronically.  The SEC anticipates that many Form D filers do not yet have their EDGAR access codes to be able to file electronically, and so advises that Form D filers apply for their EDGAR access codes as soon as possible.

The following is the SEC's announcment, found at http://www.sec.gov/info/edgar/ednews/eformd.htm:

Notice to New EDGAR Filers and Form D Filers
The SEC’s Division of Corporation Finance provides the following guidance for filers, especially new filers and Form D filers. This guidance does not change any existing rules or create any new ones.

Until March 15, 2009, Form D filers may submit their filings in either paper or electronic form. Beginning March 16, 2009, Form D filers must:

Make all Form D filings electronically on EDGAR; and

Amend their Form D filings if they are conducting continuing offerings of securities and they have not made a Form D filing within the previous year.
Because the new annual amendment and electronic filing requirements will affect many filers that have not filed using EDGAR in the past, we expect requests for EDGAR access codes to increase. To avoid a delay in receiving EDGAR access codes, new EDGAR filers may wish to request EDGAR access codes well in advance of a filing deadline.

Filers with an annual amendment requirement may submit paper or electronic Form D filings before the March 16 deadline, and may wish to do so to avoid potential delays around that date. After March 16, the amendment must be electronic.

We strive to respond promptly to requests for EDGAR access codes. Given the potential filing volume during March, requests for EDGAR access codes may take longer than usual. To avoid unnecessary delays, we suggest that filers secure EDGAR access codes well in advance of their electronic filing deadline. Filers who have submitted only paper filings should use the “Convert Paper Only Filer to Electronic Filer” process outlined in the EDGAR Filer Manual.



http://www.sec.gov/info/edgar/ednews/eformd.htm



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Home | Previous Page Modified: 02/17/2009

The following news article is available on the SEC's website at http://www.sec.gov/news/press/2009/2009-11.htm

Mary Schapiro Sworn In as Chairman of SEC

FOR IMMEDIATE RELEASE
2009-11

Washington, D.C., Jan. 27, 2009 — The Securities and Exchange Commission today announced that Mary L. Schapiro was sworn in this morning as the 29th Chairman of the SEC. The oath of office was administered by SEC Commissioner Elisse B. Walter at SEC headquarters, where Chairman Schapiro was joined by her husband, Chas Cadwell, and senior SEC staff.

“Seventy-five years after this great agency was founded, the SEC must play a critical role in rebuilding investor confidence, reviving our markets, and rejuvenating our economy,” said Chairman Schapiro. “I’m honored and grateful to be entrusted with leading this agency during such an important time – when the SEC must effusively be the investor’s advocate. Working with my fellow Commissioners and the agency’s talented staff, we will be committed to reinvigorating a financial regulatory system that must protect investors and vigorously enforce the rules. We will work to deepen the SEC’s commitment to transparency, accountability, and disclosure while always keeping the needs and concerns of investors front and center.”

Chairman Schapiro was appointed by President Barack Obama on Jan. 20, 2009, and unanimously confirmed by the U.S. Senate. She is the first woman to serve as the agency’s permanent Chairman.

Chairman Schapiro previously served as a Commissioner at the SEC from December 1988 to October 1994. She was appointed by President Ronald Reagan, reappointed by President George H.W. Bush in 1989, and named Acting Chairman by President Bill Clinton in 1993. She left the SEC when President Clinton appointed her Chairman of the Commodity Futures Trading Commission, where she served until 1996.

Immediately prior to her new SEC appointment, Chairman Schapiro was CEO of the Financial Industry Regulatory Authority (FINRA), the largest non-governmental regulator for all securities firms doing business with the U.S. public. She joined the organization in 1996 as President of NASD Regulation, and was named Vice Chairman in 2002. In 2006, she was named NASD’s Chairman and CEO. The following year, she led the organization’s consolidation with NYSE Member Regulation to form FINRA.

Chairman Schapiro is an active member of the International Organization of Securities Commissions (IOSCO). She was Chairman of the IOSCO SRO Consultative Committee from 2002 to 2006.

A 1977 graduate of Franklin and Marshall College in Lancaster, Pa., Chairman Schapiro earned a Juris Doctor degree (with honors) from George Washington University in 1980. Chairman Schapiro was named the Financial Women’s Association Public Sector Woman of the Year in 2000. She received a Visionary Award from the National Council on Economic Education (NCEE) in 2008, honoring her as a “champion of economic empowerment.”

# # #

Tomorrow, January 15, 2009, is the last day to submit comments to XBRL US (the organization that provides the taxonomy used in XBRL filings to the S.E.C.) for consideration of inclusion of new elements, or adjustments to existing elements, for the 2009 taxonomy.

Typically the review and public comment period is between November of each year to the first part of the following year, with the final taxonomy published in February.  The US GAAP taxonomy is updated yearly to reflect new FASB reporting requirements, and to allow for the taxonomy to be expanded to better accommodate companies who submit their financials in XBRL format.

To add a comment for consideration in the 2009 taxonomy, visit http://xbrl.us/usgaappublicreview/Pages/default.aspx.

To see the latest approved taxonomy regardless of year, visit http://xbrl.us/taxonomies/Pages/default.aspx.

Get immediate turnaround of your Form 8-K filings for just $50 (up to 10 pages).  Contact info@sec-report-filing.com.