News Feed Item

Corporate Data Providers Opposed to H.R. 4164, Legislation Reducing Transparency for Small Companies

NEW YORK, March 12, 2014 /PRNewswire/ -- Calcbench, FinDynamics, TagniFi and Thinknum, all providers of corporate financial statement data to individual and institutional investors, today expressed strong opposition to the proposed legislation, H.R. 4164, also called the Small Company Disclosure Simplication Act, introduced by Robert Hurt to the Financial Services Committee. This bill, if passed, would exempt public companies with revenues below $250 million from submitting their financial statement data to the U.S. Securities and Exchange Commission (SEC) in XBRL format, a data standard that "tags" financial data, making it computer-readable, and therefore more timely and more easily consumed.  Companies falling under that cutoff comprise over 60% of all publicly traded entities. 

The bill would not affect larger companies which would continue to file in XBRL, resulting in different datasets for large companies versus small companies.  The XBRL filing requirement that this bill seeks to change has been in place since 2009; small companies have already been filing in XBRL format for at least two years.

"40% of investors are using XBRL-enabled corporate data on both large and small issuers.  If H.R. 4164 were to pass, this data would no longer be available.  Small data aggregators like ours, that provide inexpensive access to critical, timely data for any consumer of financial data, whether a corporation or an investor, are able to compete because of XBRL data.  Taking that away for most public companies would hurt our customers who have already seen benefits that they simply could not have seen without XBRL," said Pranav Ghai, co-Founder, Calcbench.

"H.R. 4164 is counter to the stated goals of the Financial Services Committee of reducing the burden on small companies," said Ilya Vadeiko, co-Founder, FinDynamics. "If passed, data aggregators like FinDynamics, will simply not collect data for small issuers resulting in these issuers losing the attention of analysts and investors that they have already gained because of their XBRL filings. Note that the financial statements of small XBRL filers are very simple to tag and that process does not add much extra cost to the SEC reporting requirement. Once prepared in XBRL format for the first time (which small filers have been doing since 2011), their reports are easy to update each subsequent period. Everybody will benefit if all public companies continue providing XBRL data."

"I co-founded TagniFi in 2012 to build a high-quality financial database that would be affordable to ordinary investors and app developers.  Before XBRL, neither of these groups could afford access to quality data which can run from $20,000 to over $100,000 per year from traditional sources.  XBRL is critical to delivering a low-cost, high-quality product to all investors, not just institutions," said Chad Sandstedt, co-Founder, TagniFi.

"Thinknum is a collaborative analytical platform, designed to bring corporate data and tools to all investors," said Gregory Ugwe, Founder, Thinknum. "XBRL gives us the ability to level the playing field for public companies so that small companies have the same access to public funds as large companies. Making small companies second class citizens, with less useable data, would mean these issuers would not even get on the radar screen of the investor."

About Calcbench
Founded in 2011, Calcbench is the first company of its kind to fully harness the power of the new government mandated data standard XBRL, yielding an unprecedented direct link into the SEC's corporate financial data repository.  Calcbench's interactive data platform enables finance leaders to access and analyze financial data thoroughly and efficiently.  Our accessible and intuitive platform can aid in better understanding competitor financials, identifying potential risk areas, analyzing trends across industry sectors, or conducting more effective due diligence.  Calcbench is a proud member of the Financial Accounting Standards Board's Taxonomy Advisory Group, and XBRL US. http://www.calcbench.com

About FinDynamics
FinDynamics has developed XBRLAnalyst, an Excel based platform for accessing and analyzing XBRL data of all public companies in the US. It provides a low cost solution for individuals and independent analysts. FinDynamics has eliminated the technical barriers of learning XBRL by serving the data directly in Excel. We also offer free access to the data to all Academic users. http://findynamics.com/

About TagniFi
TagniFi is building a better standardized financial database for leading investment, research and content organizations using a collection process that results in more timely, cleaner and consistent data. For more information on TagniFi, visit www.tagnifi.com.

About Thinknum
Thinknum is a web platform for financial analysis, where users collaborate on investment research with peers from around the world. http://thinknum.com

Web site: http://www.tagnifi.com
Blog: http://www.tagnifi.com/letter-to-rep-robert-hurt-regarding-proposed-xbrl-exemption/

Web site:  http://www.calcbench.com 
Letter to Congressman Hurt:  http://www.calcbench.com/home/hr4164



SOURCE Calcbench

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his session at @DevOpsSummit 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will show how customers are able to achieve a level of transparency that enables everyon...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
Today every business relies on software to drive the innovation necessary for a competitive edge in the Application Economy. This is why collaboration between development and operations, or DevOps, has become IT’s number one priority. Whether you are in Dev or Ops, understanding how to implement a DevOps strategy can deliver faster development cycles, improved software quality, reduced deployment times and overall better experiences for your customers.
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...