A Tale of Two Cities

February 26, 2019by Team IRIS CARBON

Emma, Olivia, and Mason are busy preparing their 10-K and the 8-K earning release as per the SEC reporting requirements, aiming to file both these documents by 22nd March. CFO, William and Senior Attorney, Ethan are traveling to Europe for the last leg of a major acquisition deal. The closure of this acquisition will require another 8-K acquisition press release to be filed at a short notice with the SEC. This will also require major updates needed to the 10-K and the 8-K earnings release as well.

Emma is responsible for the successful submission of these regulatory documents with the SEC and works closely with William in making sure the filings go smoothly. She is already working very hard with her colleagues- Olivia and Mason to get everything right amidst tight filing deadlines. William expects the acquisition deal to be pretty close to final and advises Ethan and Emma to work on an 8-K press release, announcing the acquisition deal to be released to the SEC on 2nd March. Emma prepares a draft and plays it by Ethan and shares the first draft with William. There are multiple versions of the acquisition press release floating between Emma, Ethan, and William. Emma is making sure that all the updates in the acquisition press release are appropriately updated in the 10-K and 8-K earnings releases as well. By now there have been several versions of the 10-K and 8-K earnings releases as well.

It is just close to 10 days for the acquisition press release to be out but William faces an unexpected delay in the acquisition closure and informs Emma that the 8K release would need to be delayed, unfortunately, the dates are uncertain. The main questions that circle back to Emma are:

  • How do I plan and manage multiple filing activities at a time?
  • An impact in one event has an impact on the other filings, how do I restore my earlier content? If the acquisition is done ahead of the 10-K filing, how do I bring my acquisition-related disclosures back to my 10-K and 8-K earnings release?
  • Above all, how do I track and manage the preparation and review of the process of all the 3 documents?

Does any of this sound familiar to you?

If yes, read on to find the answers to your dilemmas.

Introducing the new project dashboard and tracker of IRIS CARBON®
where you can plan each of your filings as a project.

A day in Emma’s life using the new version of IRIS CARBON®

Creating and managing projects is a breeze

Emma creates 3 projects- a 10-K, 8-K earning release, and an 8-K acquisition press release on the platform. She defines a start date, end date, and tentative filing date. All projects that Emma is working on will have a ‘Live’ status. Even if the 8-K acquisition release has been delayed, Emma has the ability to keep her earnings release on hold.

Managing the content of the filing documents is easy

Emma links her single spreadsheet to all the 3 filing documents. Any change in the spreadsheet has an impact on all her 3 documents. Now that the acquisition press release has been called off, she can keep her 8-K acquisition press release ‘On on hold’. She can also restore the earlier versions of the document that does not include any of the acquisition content for the 10-K and the 8-K earnings release with just the click of a button. Does that not sound super cool?

Even if the acquisition is to happen in the next couple of days ahead of the tentative 10-K filing date, Emma can again pull back all her acquisition-related information back and also change the acquisition press release project from an ‘On-hold’ to ‘Live’.

Smart status tracking and review

If all of this was just not enough, imagine the time needed to review and finalize 3 regulatory reports that need to be filed with the SEC! With the reporting team working out of one office and legal and audit teams working out of another location, in Emma’s case, her senior management team, in another country!

Out of all the chaos, we have one more layer of complexity added. The overall coordination, review, and finalization of 3 regulatory reporting documents that need to be accurately and timely reported. Definitely not a situation you want to find yourself in!

Indeed with IRIS CARBON®’s new project dashboard tracking and reviewing your documents is so easy. Multiple people can access one centralized document, reviewers can raise comments. The smart dashboard gives you a crisp summary along with intuitive charts showing which parts of the documents need attention, how many comments and XBRL items are open, closed, pending, etc.

Time…Money…Mental Peace – Things IRIS CARBON® helps you save.

Emma loves the IRIS CARBON® dashboard and can’t think of working on word files anymore after experiencing the amount of time and effort she is saving in the overall reporting process.

Emma used to think SEC reporting is very expensive. However, with the IRIS CARBON® workflow management, she is now more than convinced that out of time, money, and peace of mind- IRIS CARBON® covers it all and much more!

IRIS CARBON® is built with the requirements of small and medium-sized companies in mind. We understand the grind such companies go through – limited staffing, tight budgets, non-negotiable filing deadlines, and always high standards of accuracy in reporting.

IRIS CARBON® is the best fit for each of the above items, our users are very happy with the overall product offering backed with unlimited services.

Book Your Demo of the IRIS CARBON® Solution.