Streamlining SEC iXBRL Compliance with IRIS CARBON® & Genesis Filings – A Case Study on ClearOne Inc.

A case study on how ClearOne streamlined their SEC iXBRL compliance with IRIS CARBON® and Genesis Filings.

Customer Profile

Customer Profile

ClearOne Inc. is a leading provider of audio and visual communication solutions. Headquartered in Salt Lake City, Utah, the company serves a diverse range of clients across various sectors, including education, healthcare, government, and corporate. Founded in 1983, ClearOne has a long history of delivering innovative and reliable products and services that help businesses and organizations improve communication and collaboration.

The company’s product line includes a wide range of audio and visual solutions, including audio conferencing systems, video conferencing systems, and network media streaming. ClearOne is known for its advanced technologies and high-quality products, which are designed to be user-friendly and easy to deploy. ClearOne is committed to delivering the best possible customer experience and is constantly seeking new ways to improve its products and services. With a focus on innovation and excellence, the company is well-positioned for continued success in the dynamic world of communication solutions.

Business Challenges

Business Challenges

ClearOne Inc.’s finance team faced several challenges as they worked to comply with SEC iXBRL regulations. One major issue was the inability to make updates to their filings efficiently. With their existing service provider, the entire document had to undergo retagging every time, which slowed down the process significantly and made it difficult for the finance team to start work on next periodʼs filings.

Another challenge was the slow turnaround time for any changes or edits. This made it difficult for the team to meet deadlines and plan efficiently for future filings. Overall, these challenges hindered the team’s ability to meet their SEC iXBRL compliance requirements optimally. They needed a solution that could streamline the process and provide greater efficiency and control.

Project Objectives

Project Objectives

To address the challenges faced by ClearOne’s finance team, a set of objectives were established to improve the efficiency and effectiveness of their SEC iXBRL compliance process. These objectives were multifaceted and included

ClearOne Project objective

Overall, the project aimed to improve the efficiency and effectiveness of the ClearOneʼs SEC iXBRL compliance process, while also providing the necessary support and guidance to ensure success.

The IRIS CARBON® Approach

The IRIS CARBON® Approach

To achieve the objectives of streamlining ClearOne Inc.’s SEC iXBRL compliance process, the teams at IRIS CARBON® and Genesis Filings followed a structured approach that included the following key steps:

Onboarding of the 2018 10K Published Documents

We loaded the HTML and XBRL files from the SEC portal and applied the same tags as used in the previous filing to ensure consistency and ease of updates.

Quality Review

A full review of the 10-K 2018 XBRL file was completed, and a report was prepared in Excel outlining suggested changes along with our recommendations and reasoning. This report was presented to the client, and the changes were incorporated into the upcoming filing document upon approval.

Setup of the 2019 10-K Template

We set up the template for the upcoming 2019 10-K filing, including the necessary spreadsheet, to streamline the process and ensure consistency.

Hands-on Training Sessions

Training sessions were conducted to introduce the finance team to the platform and get them familiar with the use of the templates that were set up.

Ongoing Support Needed by the Finance Team

Our team at IRIS CARBON® provided ongoing support to ClearOne’s finance team as needed, including assistance with tagging for new lines, formatting support for the full document, final review of the 2019 10-K document ahead of filing, and test and live filing support.

Roll forward set-up for Successive Filings

We set up roll-forward templates for 10-Q, 10-K, press releases, and proxy filings to streamline the process and reduce the need for manual tagging in future periods.

“The IRIS CARBON® platform is very intuitive, easy to use and to locate the features related to reviewing the tags. I can tell it is a safe system, in that it blocks sections from unwanted editing of data. Working with IRIS CARBON® provides the best of both worlds – the flexibility of a self-managed portal and the expertise and service that comes with a full-service team.”

Narsi Narayanan
Chief Financial Officer

Key Results Achieved

Key Results Achieved

Through their work with IRIS CARBON® and Genesis Filings, ClearOne Inc.’s finance team was able to achieve a range of key results that greatly improved the efficiency and effectiveness of their SEC iXBRL compliance process. Some key results included

  • A stress-free SEC compliance process thanks to the intuitive nature of the IRIS CARBON® product. The finance team found it easy to use and navigate, which made meeting compliance requirements much more manageable.
  • Unlimited and quick support for XBRL tagging, review, formatting, and any other assistance needed. The IRIS CARBON® team was always available to answer questions and provide support, which helped the finance team stay on track and meet deadlines.
  • Timely creation of roll-forward templates. The IRIS CARBON® team was able to quickly set up roll-forward templates for 10-Q, 10-K, press releases, and proxy filings, which greatly streamlined the process and reduced the need for manual tagging.
  • Smooth and hassle-free SEC filing. Thanks to the IRIS CARBON® product and the support of the IRIS CARBON® team, ClearOne’s finance team was able to make timely and accurate SEC filings without any major issues or complications.
  • Successful onboarding and the first filing of the 10-K happened in a shortened time frame due to the late decision to switch to IRIS CARBON®.

Overall, these key results greatly enhanced the finance team’s ability to meet their SEC iXBRLcompliance requirements and improved the efficiency and effectiveness of their process.

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