CHICAGO--(BUSINESS WIRE)--
In preparation for the U.S. Securities and Exchange Commission’s new
Inline XBRL (iXBRL) reporting requirements taking effect this year, Donnelley
Financial Solutions (NYSE: DFIN), a leading global risk and
compliance company, is helping clients prepare with best-in-class
financial disclosure technology that reduces review times by an average
of 40 percent and leads the industry in accuracy.
“As we plan for the 2019 iXBRL mandate, which marks a significant step
forward in improving data accuracy and establishing a clear roadmap to a
data-rich future, we are delivering a three-pronged approach to clients:
technology solutions, regulatory expertise that comes from being the
largest filer with the SEC and always-on service to ensure we’re
providing confidence in the moments that matter,” saidCraig
Clay, president, Global Capital Markets, DFIN.
In June, the SEC announced that all filers that use U.S. GAAP and IFRS
will be required to comply with new iXBRL reporting requirements, over a
three-year period, beginning with large accelerated filers with fiscal
periods ending on June 15, 2019. Funds that are currently required to
submit risk/return summary information in XBRL will be required, on a
phased basis, to transition to iXBRL – beginning with large funds groups
in 2020. Within the updated requirements, the SEC will require the use
of iXBRL– embedding XBRL data directly into a filing to ensure it’s both
human-and machine-readable – to reduce filing costs and increase
effectiveness, as well as improve accuracy of financial disclosure data.
“The new mandate is another step forward in the SEC’s focus to modernize
financial reporting. As these regulations evolve, we’re in lock step to
ensure clients have the latest solutions to meet their needs. We strive
to prioritize technology at every turn – whether it’s simplifying the
reporting process, producing compliant iXBRL documents more efficiently,
or ensuring the highest levels of data security,” said Cynthia Clarke,
chief technology officer at DFIN.
DFIN’s technology solutions, such as ActiveDisclosure, provide
collaborative, cloud-based platforms to facilitate streamlined review
processes, including automated disclosure comparisons, SEC validation
reporting, collaboration, commenting and approvals. DFIN, a member of
the XBRL
US Center for Data Quality (XBRL US), a national nonprofit
consortium focused on improving the quality of standardized business
reporting.
“DFIN successfully led the first XBRL filing to the SEC back in 2006,
and today, we continue to lead the market, with the most accurate filing
record in the industry,” concluded Clay.
For additional information on XBRL solutions, check out DFIN’s ActiveDisclosure
or download a free guide to iXBRL
here.
About Donnelley Financial Solutions (DFIN)
DFIN is a leading global risk and compliance solutions company. We
provide domain expertise, enterprise software and data analytics for
every stage of our clients’ business and investment lifecycles. Markets
fluctuate, regulations evolve, technology advances, and through it all,
DFIN delivers confidence with the right solutions in moments that
matter. Learn about DFIN’s end-to-end risk and compliance solutions
online at DFINsolutions.com or
you can also follow us on Twitter @DFINSolutions or
on LinkedIn.
Forward-Looking Statements
This news release may contain "forward-looking statements" within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, and the U.S. Private Securities Litigation Reform Act of 1995.
Readers are cautioned not to place undue reliance on these
forward-looking statements and any such forward-looking statements are
qualified in their entirety by reference to the following cautionary
statements. All forward-looking statements speak only as of the date of
this news release and are based on current expectations and involve a
number of assumptions, risks and uncertainties that could cause the
actual results to differ materially from such forward-looking
statements. Readers are strongly encouraged to read the full cautionary
statements contained in Donnelley Financial Solutions’ (DFIN) filings
with the SEC. Donnelley Financial Solutions (DFIN) disclaims any
obligation to update or revise any forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190115005069/en/
Media Contact:
Erin Burke
631 239 6903
eburke@Stantonprm.com
Investor
Contact:
Justin Ritchie
justin.ritchie@dfinsolutions.com
Source: Donnelley Financial Solutions