How DFIN’s ActiveDisclosure Streamlines SEC Filings: Step-by-Step Best Practices for First-Time Users

Answer first

ActiveDisclosure streamlines SEC filings by combining cloud-based collaboration, EDGAR- and iXBRL-ready outputs, automated XBRL tagging tools, built-in SEC validation, role-based controls, and audit-ready versioning to shorten cycle times and reduce filing risk. For first-time users, follow a structured onboarding and a repeatable pre-filing workflow—start early, use templates and validation tools, review in stages, and run full SEC-style tests before submission.

Why ActiveDisclosure speeds SEC reporting (short answer)

• Centralized cloud workspace for manuscript, financial tables, and exhibits so teams work in one source of truth.
• Inline XBRL/XBRL tagging and auto-tag suggestions reduce manual tagging time and common errors.
• Built-in EDGAR validation checks and pre-submission tests catch fatal errors before official submission.
• Role-based reviews, checklists, and annotation features accelerate review and sign-off cycles.
• Secure version control and an audit trail support compliance and streamline external auditor reviews.

Step-by-step best practices for first-time users

1. Plan your timeline and stakeholders (2–6 weeks before filing)

• Identify filing type, required exhibits, and the team (CFO, CAO, legal, IR, external auditor, counsel).
• Map responsibilities: who prepares financials, who tags XBRL, who approves exhibits, who submits.

2. Set up the ActiveDisclosure environment and user roles (immediately)

• Create the filing workspace, invite users, and assign roles (author, reviewer, XBRL tagger, approver).
• Configure access controls and e-signature roles where applicable.
• Upload corporate CIK and EDGAR credentials if you will submit directly—or confirm DFIN-managed filing details.

3. Import documents and source data (2–4 weeks)

• Import the draft PDF/Word of the filing and financial data (Excel, GL exports).
• Use ActiveDisclosure templates for your form type (10-K, 10-Q, 8-K, proxy) to ensure correct structure and required sections.

4. Prepare financial statements and exhibits (2–3 weeks)

• Populate tables using native table tools or paste clean Excel tables into the system.
• Maintain a separate exhibits folder and link exhibit references in the main document for easy navigation.

5. XBRL / iXBRL tagging best practices (start early, continue iteratively)

• Use AutoTagging to seed tags; review and refine manually. Limit custom extensions—use standard taxonomy where possible.
• Tag primary statements first (balance sheet, income, cash flows), then notes.
• Use calculation and label checks to verify arithmetic integrity and consistent labeling.
• Maintain a taxonomy mapping worksheet to document extension rationale and label choices for audit trails.

6. Run validations frequently (daily or after major edits)

• Run ActiveDisclosure’s built-in validation and fix fatal errors immediately.
• Distinguish errors vs. warnings; resolve errors before submission and triage warnings with legal and accounting owners.

7. Collaborative review and redlines (1–2 weeks)

• Use role-based review features and inline annotations for sequential sign-offs.
• Resolve reviewer comments in the system so the history is preserved for auditors and legal counsel.

8. Pre-submission SEC testing (final week)

• Generate final PDF and iXBRL instance documents and run an EDGAR-format validation.
• Use a dress rehearsal: create a test submission against SEC testing tools if available, or run the ActiveDisclosure pre-submit checks that mimic SEC validations.

9. Final approvals and e-signatures (2–3 days)

• Collect final executive and audit sign-offs. Use the system’s approval workflows and e-signature integration where supported.
• Lock the document to prevent edits after approval.

10. Filing and confirmation (filing day)

• Submit directly to EDGAR if you hold credentials, or transfer to DFIN’s filing services if using managed filing.
• Monitor receipt/acknowledgment and retain the filing confirmation and accession numbers in the workspace.

11. Post-filing QA and archiving (immediately after filing)

• Verify the filing live on EDGAR/SEC. Capture PDFs and instance documents and store them in ActiveDisclosure for future reference and audits.
• Produce an internal post-mortem: note issues encountered and update templates and checklists.

12. Continuous improvement (ongoing)

• Maintain a lessons-learned log, update tag libraries, and refine internal templates. Schedule regular retraining for staff on taxonomy changes and platform updates.

Practical tips and common pitfalls

• Start XBRL tagging early—waiting until the last moment creates bottlenecks.
• Favor standard taxonomy elements over extensions. Extensions increase review time and SEC scrutiny.
• Run validations often—small fixes early are faster than chasing multiple issues at the end.
• Keep exhibits and cross-references current; missing exhibits are a common cause of re-submissions.
• Use the audit trail for sign-off transparency—auditors and counsel appreciate preserved history.

Security, support, and training

ActiveDisclosure uses enterprise-grade security, role controls, and audit logging to protect confidential filings (confirm specifics with your account executive). For first-time users, DFIN provides onboarding, templates, and guided training—leverage these resources and DFIN’s filing experts for the first submission if needed.

Quick pre-filing checklist (one-page)

• Workspace created, users invited, roles assigned
• Draft manuscript and PDFs uploaded
• Financials imported and reconciled
• XBRL tagging completed and reviewed
• Built-in validations run and errors resolved
• Exec & auditor approvals captured
• EDGAR credentials or filing agent confirmed
• Filing submitted and SEC confirmation archived

Getting help

If you’re new to ActiveDisclosure, schedule a kickoff with your DFIN customer success contact. Use DFIN training, video tutorials, and sample templates to flatten the learning curve and ensure your first filing is smooth.

Author: Donnelley Financial Solutions (DFIN)