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Industry Leader Chooses Rivet Software for XBRL Solution
When the SEC sought candidates to participate in their voluntary filing program, investment manager
T. Rowe Price stepped up to the plate. Their CFO Group recognized the value of the learning to be
gained from becoming an early adopter. But they also had the vision to see the long-term benefits of
joining a global financial information ecosystem based on XBRL.
Even the best accountants can benefit
from tools such as Rivet's tagging solution to help them create XBRL documents. Rivet's products also allowed us to keep
this process in house, and their excellent professional services team ensured we were not left guessing. We made our first
required XBRL filing 24 days after quarter end.
Candace Knott
CFO Group
T. Rowe Price
"We wanted to start out by getting our feet wet in the process," said Candace Knott of the CFO Group at
T. Rowe Price. "Even though XBRL filings weren’t required then, we wanted to participate in the voluntary
program to make sure we were fully prepared well before our first required filing. Moreover, as an
asset manager, we could be directly and favorably impacted by this new source of financial data."
Comply. Control. Communicate.
To communicate their results in XBRL format
and manage the related SEC compliance
filings, T. Rowe Price selected Rivet.
Rivet's XBRL solutions help leading businesses
comply with the regulatory reporting
mandate; and to communicate their
financial results in a standardized and
transparent way.
Can't Outsource Compliance
T. Rowe Price could have outsourced the XBRL reporting function but instead they used their XBRL filing
as an opportunity to learn more about standards-based financial information management.
"We are a risk-aware organization, so outsourcing our XBRL reporting was not an option for us," said
Knott. "Even as we worked on our voluntary filings, we began to plan and prepare for the detailed note
tagging requirements. Having percentages of other SEC filers who had made the same tagging choices
as we did was helpful, and as filers increase, the data should be even more useful."
Automating Compliance
When building their tagging solution, Rivet considered both potential filer processes and the rules
that govern filers. For example, one of the SEC EDGAR rules is that filing companies must modify the
standard labels in the taxonomy to match their published financial statements. This could be a time consuming
process. With the Update Taxonomy feature, users can update all of the imported labels
from their financial statements to the taxonomy tree in the presentation view with a single click.
"Being able to update the taxonomy by simply right-clicking saved us a lot of time," said Knott. By shielding
preparers from the complexity of XBRL, Rivet Software helps organizations like T. Rowe Price get the benefits of
XBRL with minimal administrative burden.
Rivet’s solutions support complex XBRL document creation, and make sure that work done in one filing
quarter does not have to be completely recreated—templates can be re-used, data can be updated from source documents,
and knowledge transfer is built heavily into service programs to ensure that XBRL filings become easier from one
quarter to the next.
"Even the best accountants can benefit from tools such as Rivet’s tagging solution to help them create
XBRL documents," said Knott. "Rivet’s products also allowed us to keep this process in house, and their excellent
professional services team ensured we were not left guessing. We made our first required XBRL filing 24 days after
quarter end."
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