Welcome!

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

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

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

Thinknumhttp://thinknum.com

FinDynamicshttp://findynamics.com/

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
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Outscale was founded in 2010, is based in France, is a strategic partner to Dassault Systémes and has done quite a bit of work with divisions of Dassault," explained Jackie Funk, Digital Marketing exec at Outscale, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
"I'm here to leverage my secret sauce, which is using outsourced development and the company that I utilize is delaPlex Software and they've basically allowed me to win Fortune 500 companies," noted Justin Witz, CTO of FRA and PlanTools, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...