Chase Bongirno is the Principal Product Manager for Toppan Merrill Bridge. He leads a team of product engineers and designers committed to continuously improving the Bridge platform. His team strives to use insight gained from clients to inform the creation of innovation solutions. Chase is the Chair of the XBRL US Communication Steering Committee and a founding member of the XBRL US Data Quality Committee.
We recently sat down with Chase for an interview about the new features and functionality being released this Spring and how those improvements are setting the stage for future development of the Bridge platform.
Q: Can you tell us more about the new features and enhancements being made available with the Spring ’19 Release?
A: The Spring ’19 Release is chock-full of enhancements for our Bridge users. We have updated the dashboard to improve the overall user experience, expanding functionality around two factor authentication (2FA) as we see adoption continue to rise there, and finally revving up the performance of the platform as we expand support for our iXBRL offering. The long and the short is: we want to make life easier for our users while keeping up with the ever-changing regulatory landscape.
Q: Speaking of iXBRL, can clients file in iXBRL format using Bridge?
A: Yes. I am beyond proud to say that our iXBRL offering is open for business. It is a great piece of functionality and completely meets the SEC iXBRL requirements. I would encourage our current customers to reach out to their XBRL consultant for a demonstration of how seamless the transition is to iXBRL in Bridge. For prospective customers, contact a local Sales Representative for a demo.
Q: You mention that we’ve recently rolled out added security functionality, called two-factor authentication (2FA). How does it work?
A: The push to implement enhanced security protocols comes directly from customer feedback. Customers wanted additional assurances and controls over access to their company’s most sensitive data. The Product Development team conducted customer interviews to understand the exact request and then developed a two-factor authentication solution that met those requirements. Customers can now simply contact the Bridge service team and in a matter of minutes this feature can be activated on their account.
Q: As you look forward, give us a peek into development going on right now that customers should expect to see in the next couple of months.
A: The SEC is continually proposing and making new rules and regulations that impact our clients and staying on top of that is a big part of the job. In March of this year, the SEC adopted a handful of amendments to Reg S-K in an effort to modernize Reg S-K’s disclosure requirements, as required by the FAST Act which passed back in 2014.
Q: Can you share with us some of what the impact from these new rules will be?
A: While the SEC has released the final rules, we are still waiting on an updated EDGAR Filer Manual, the most notable change we anticipate is that registrants will be required to tag every data point on the cover pages of Form 10-K, Form 10-Q, Form 8-K, Form 20-F, and Form 40-F using Inline XBRL. The SEC has matched the roll out of these rules to the existing iXBRL program which starts for Large Accelerated filers later this Summer. The cover page of each of these form types will be updated to include the title of each class of securities, trading symbol and exchange for each class of the registrant’s registered securities and each of these will also be required to be tagged. We are working to ensure compliance with these rules will be seamless for our clients in Bridge. Look for more information in our May and June release notes
Q: Any final thoughts you’d like to share with filers?
I occasionally hear from some filers that they feel like XBRL isn’t being used in the market today, and that the new iXBRL mandate doesn’t seem to address that issue. It was certainly the case early on that the data wasn’t being widely consumed, however the market has matured over the last decade. The CFA Institute recently conducted a study and found that XBRL is becoming increasingly utilized in the capital markets and I would expect that the Inline XBRL mandate will only hasten that trend. Your XBRL filing is a critical piece of collateral for communicating with stakeholders, and the belief is that iXBRL will lower the barriers for consuming that information. We will continue to create innovative solutions for our clients to ensure they are able to do this in an increasingly efficient, effective and accurate fashion!