The Center for Audit Quality (CAQ) has published their summary of accounting pronouncements that became effective this year by the Financial Accounting Standards Board (FASB). These standards may affect 2009 quarterly and year-end financial statements. This document is available to CAQ members and information about membership can be found at https://thecaq.aicpa.org/Memberships/.
Top 500 Companies began filing their Financial data in XBRL on Monday, June 15th with the SEC. Because of the new requirements, SEC has created a supplemental exhbiit called Exhibit 101. In the past, companies were using Exhibit 100 to file XBRL formatted documents, which now contains historical interactive data. Both these Exhibit Types can be searched on 10-K Wizard by:
1. Clicking on the Exhibits Dataset
2. Selecting and Highlighting Exhibit 100 and Exhibit 101 in the Exhibit Type box
3. Narrow your search by Company Name, Ticker, or various filters
After selecting an exhibit document from the Search Results Page, the XBRL document can be viewed by clicking on the “View Formatted XBRL” Link and the data can be downloaded into an Excel spreadsheet. For additional information, please contact Customer Support at support@10kwizard.com.
On Feb.23rd, USA Today featured an article on Joe Mansueto, founder of Morningstar, Inc.
Morningstar celebrates its 25th anniversary this year!
The article, by journalist John Waggoner, can be viewed by clicking on the following link, which is posted on the USA Today’s website. http://www.usatoday.com/money/companies/management/profile/2009-02-22-ceo-success-morningstar_N.htm
10-K Wizard has been named as a finalist in the Software & Information Industry Association’s (SIIA) 24th Annual CODiE Awards.
The service has been selected from many high-caliber products as one of the best in the software and information industry in the following category:
For a complete list of finalists see: http://www.siia.net/codies/2009/finalist_list.asp
Winners will be announced in San Francisco on May 5th.
The U.S. Treasury announced yesterday new restrictions (guidelines) on Executive Compensation. The full-text Press Release (TG-15, dated Feb. 4, 2009) can be found at: http://www.ustreas.gov/press/releases/tg15.htm.
SEC released the final rule that will require all companies to file in XBRL over a three year phase-in period beginning on June 15 of this year. The full-text rules were published in the Jan. 30th issue of the Federal Register (FR). The PDF is about 206 pages.
Reminder! Electronic filing for Form D becomes mandatory on March 16, 2009.
Here is a list of enhancements made to the 10-K Wizard product in 2008.
Basic Subscriptions
XBRL - Proprietary XBRL reader was created
Exhibits Repository - Results listed as exhibits rather than filings, including xlsSnapshot results
Company Capsule - Implemented current addresses of companies
Regulatory Database - Alertable repository for SEC regs
Search History - Extended history page linked to keep searches for 1 day, 1 week and/or 1 month
NAICS, SIC, and Form Menus - Added Lookup of codes and forms and included search functionality
Help Documentation - Volumes of help text were created and posted
Training Documentation - Training documentation was updated
SEC News Digest - Added daily alert in PDF
Blog - Both content and the technology updated for easier access by users
New Forms - New forms added to the service: example: CT Order, SH and D
Content Size - Added a fourth option for Context Size for Blurbs
MSA - Added the Census Bureau’s MSA and county field geographical filters
Pro / PowerPro Subscriptions
Basic Subscriptions’ Enhancements included plus:
xlsSnapshot - Data added to brand search results in Excel (date, search criteria, etc.)
MDL - Additional servers for processing MDL requests faster
MDL - Carts’ information can now be edited by user
Portfolio - Users can now add/upload folders to specific folders
Global Reports - Additional features to help users navigate the variety of search fields and view images of the annual reports
Financial Pro Subscriptions
Financials - Approximately 100 line items have been added
Financials - Number of companies covered has been expanded by approximately 75%
Financials - New industry templates added
Financials - Added financial filtering
Ownership - Dataset created plus downloading results to Excel
Peer Groups - Added PeerGroup functionality
10-K Wizard recently added an enhancement to the “Upload” process in My Portfolio. From the Settings Box, a user will now be able to upload selected alerts to a current Folder or new Folder from the Upload page. This will help the users save time and give them the flexibility to add multiple alerts to a specific folder.
Morningstar, Inc., a leading provider of independent investment research, today announced it has acquired 10-K Wizard, a leading provider of SEC EDGAR (Electronic Data Gathering, Analysis, and Retrieval) filing research and alert services, for $12.5 million subject to working capital adjustments.
“There is a great wealth of information available to the public through the SEC’s EDGAR system, but navigating the myriad filings to find relevant information can be a challenge,” said Liz Kirscher, president of Morningstar’s data services business. “The acquisition of 10-K Wizard aligns with our goal of bringing greater transparency to equity investments. 10-K Wizard is a well-respected resource for financial research, and the company has developed a robust and intuitive data mining application that allows users to easily search and retrieve information across different filings and time periods. 10-K Wizard’s technology not only sheds light on stock investments, but can be applied to documents of all kinds, like mutual fund prospectuses.”
Founded in 1999, 10-K Wizard offers full-text searching capabilities for real-time and historical SEC EDGAR filings. Available via a subscription service or custom data feed, 10-K Wizard also provides global company profiles that contain hyperlinks to annual reports and peer companies as well as stock quotes, news, and charts. The full-text search capabilities allow users to research and track corporate information by ticker symbol, company name, industry type, SIC code, financial form type, or specific industry keywords contained within the filings themselves. Based in Dallas, Texas, 10-K Wizard has about 25 employees and currently has more than 30,000 licensed users across 1,400 firms.
“We share a common mission with Morningstar — gathering comprehensive data and information and combining it with robust technology and intuitive design to create tools that help people make better decisions,” said Martin Zacarias, CEO of 10-K Wizard. “Both companies have a passion for research, and with its global reach and technology resources, Morningstar offers a clear strategic fit for 10-K Wizard. As a Morningstar company, we will have access to a vast array of additional data and resources that will allow us to enhance our products for all of the market segments we serve.”