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Next Gen Support Binders - external mark-up

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  • Ashley White

    This is also an issue for us. We are currently in the process of transitioning to Next Gen, therefore we haven't disabled Classic yet. We are considering possibly doing our Q3 Form 10-Q tie-out in Classic for mark-ups and then uploading that into our Next Gen document. We haven't tried this out yet, but it an idea we have to potentially avoid using Adobe. If for some reason that doesn't work, we are in the same boat as you! We need Next Gen Support Binders!

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  • Jennifer Bartlett

    Ashley White, that thought occurred to me, too. However, are you planning on keeping both documents (10-Q Next Gen and 10-Q Classic) up-to-date? That's the only problem I can foresee with that for Q3 - is keeping both current going to be more effort than just doing it in Adobe?

    As a side question for you, do you rely on the orange flags as your physical 10-Q document mark-up? Over time, in talking with Workiva project managers & devs, I've gotten the impression that other companies don't use the orange flags like I do.

    For my Classic tie-outs, I add support attachments for every number that has a physical support file. The orange flag it creates on the live document takes the place of my adding a support reference number in ink (the "good" ol' days - not!) or adding a Support Binders Editor mark-up on a PDF of the document (early, early Classic Support Binder days). In addition, for every other item I have to double-check, like dates mentioned throughout the document, I add a placeholder. The orange flag it creates lets me rename the placeholder anything I want, like "Dates Ok" or "√" (make-shift checkmark to show a subtotal or total footing).

    And, you're right - we definitely need Next Gen Support Binders!

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  • Ashley White

    Jennifer Bartlett

    My thinking could be flawed, as the idea is in it's early stages, so we might have to try a few tests to determine if it is feasible, but my thought is we could maintain the document in 10-Q Next Gen. For tie-out of the document, we would PDF the section (Note 1, Note 2, etc) from the Next Gen document and upload it to the Classic platform where you could then mark it up. In the Classic file we wouldn't maintain a duplicate 10-Q, we would have a Classic Workbook that has sections replicating the 10-Q and on each tab have a place to upload our Next Gen PDF of the note to mark-up and also a place to upload support. We usually name these whatever initial for that section followed by a number. (EPS 1, EPS 2, etc).

    Then we would download our mark-ups and attach them to the Next Gen 10-Q. At least that's what I am currently thinking. 

    As for your other question, we had thought about using those orange flags for date checks, etc. However, last year we started doing our "hard copy" tie-outs in Workiva using Classic Support Binders. Probably more time consuming then the way you are describing your current process, but we usually start with our Financials and Notes since once those are populated they don't often have as many textual changes. But we use the tickmarks and text boxes in classic to do our "hard copy" tie-outs. (date checks, footing, cross-footing, etc)

    As for when there are language tweaks, etc. We will use red text boxes and/or red lines to note additions/deletions since obviously there is no ability for them to stick. For MD&A, we generally do preliminary tie-outs (pulling support together, reading through, sometime using ADOBE comment to track questions, etc) and when we have been notified they are mostly final, we will PDF these and mark them using the Classic Markups. On the off chance that there is a larger change that can't simply be updated with red lines or tickmarks, there have been times where I would mark this section out in that attachment and reference a new attachment. If that makes sense. 

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  • Jennifer Bartlett

    Ashley White, thank you so much for the detailed response! I understand exactly what you mean. That's how we used to do it in the early, early days of Support Binders before the orange flags were available. It was more time-consuming than my current (now obsolete) process, but it was WAY better than printing to paper and doing a real hard copy tie-out in a physical binder!

    I think your way would be much better than using Adobe for this quarter. One of my main concerns is that when the document changes, I don't know how to replace the document, but keep all of my mark-ups in Adobe, so I would be doing them over and over. Using Classic, I could upload the changed document section and retain the mark-up.

    Doing by sections is also a great idea!! You have really helped me a lot!

    Thank you so much and good luck this quarter! :)

    Jenn

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  • Ashley White

    Jennifer Bartlett No problem! Yes, the ability to replace while keeping all our mark-ups is one of our main reasons for wanting to try and utilize Classic as opposed to Adobe. Hope it works out the way I imagine it. haha 

    Good luck to you as well! :)

     

    AW

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  • Michelle Halgren

    Just like you, we've traditionally marked-up and tied-out our 10-Q/Ks on paper. Over the past year, we've slowly gotten more of our people comfortable with preparing and reviewing the supporting workpapers electronically, saving them all as pdf documents, using Adobe's "stamps" to mark things up and "dynamic stamps" to sign off. (We use Adobe Pro, which gives us a lot of options as far as editing and annotating our pdf files, and have created a bunch of custom stamps in addition to using the ones that come "pre-loaded" with Adobe.)

    However, for the most part, we were still printing out the actual disclosures at a point in time, tying them out by hand, and then scanning them to pdf. We would make a note of the Wdesk revision on the hard copy tie-out, compare it to the final revision, and then (same as you) re-tie the whole section if changes were substantial, or edit the scan to match the final document. 

    We were originally planning on transitioning to Next Gen for Q3, and even though we that some functions weren't yet supported in Next Gen, we decided to start using Support Binders for the first time for our second-quarter (Classic) 10-Q. Since our current process effectively mirrors the suggested Adobe "workarounds" for Next Gen attachments, we figured that we were in a good position to start streamlining our processes without the downside of already being dependent on unsupported features.

    The Support Binder attachment indicators were a game changer! Our preparers created their workpapers in Adobe as usual, but instead of tying-out to a printout of the disclosure, they used the orange flags of attachment placeholders to tie out the "live" document. Our reviewers also used Adobe to annotate and sign off on the pdf workpapers as usual, but then uploaded them to the appropriate placeholders when they were finished. 

    Part of our review process includes a standard reviewer checklist for each disclosure section which lists all of the routine disclosure review tasks (footing, cross-footing, and other calculations; tracing prior period amounts to previous filings; checking for consistency among other disclosures; verifying dates; etc.). We realized that it far easier for our reviewers to perform these tasks and verify the tie-out within the "live" document, rather than by using an off-line printout/pdf. This caused us to re-think the necessity of retaining the traditional mark-ups we used to make on the disclosure print-outs; we ultimately decided that the notations didn't provide additional assurance that the tasks had been performed, so we scrapped them.

    Reviewers still make a note of the Wdesk revision that they originally reviewed, compare it against the final version, and replace the original reviewer checklist attachment with the final sign-off version. However, since the entirety of the disclosure tie-outs are made with the orange flags, creating the final Support Binder gives us exactly what we want without going through the (tedious re-work) of marking-up the an earlier tied-out version of each disclosure.

    We were delighted and thought we were golden for our Q3 transition to Next Gen. It wasn't until I started attaching things to our practice project that I learned that the attachment flags aren't yet supported. We have NO desire to re-introduce waste into our process by losing this functionality, so we reversed course and are delaying our transition until the 10-K. My fingers are crossed, but I'm also dreading possible delays in the expected timeline for the Next Gen Support Binders roll-out.

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  • Jennifer Bartlett

    Michelle Halgren,

    Wow! I wish we’d had the chance to compare notes a long time ago! Your process sounds very refined and robust – outside of Wdesk! I’ll have to search on Adobe “stamps” and “dynamic stamps” because I don’t know how to use them. We use Adobe Pro, too, but mainly for the basic PDF creation features (combining docs, rearranging docs, etc). I’d love to know how to make a custom stamp.

    I also would have sung the praises of Support Binders and maybe you could have created that robust process using it. We were early adopters of Support Binders back in Q3 2015. So, I have been thrilled with those little orange flags for a long time!

    After first creating this post, I learned that while the orange flags likely won’t be available for Q3 reporting, they are sounding very confident that attachment mark-up will be (see link below). For now, this will be markup on PDF attachments only, but my process – and yours from what I’m reading – only use PDFs, so it should work for us. Markup on PDFs also means that the 10-Q, or sections of the 10-Q, can be exported to PDF, attached as support attachments and marked up IN Wdesk. Since it sounds like your reviewers are reviewing in Wdesk, they should have the ability to open the marked up 10-Q PDF attachment on one screen and review the support attachments on the other. They can also compare the 10-Q PDF to the live 10-Q, as needed, by “eyeballing” it.

    I’ve just now added a question to the post below to make sure their “basic attachment markup” includes the ability to replace an attachment while keeping the existing markup. This will be key in the above working.

    https://support.workiva.com/hc/en-us/community/posts/360062403751-Electronic-Tieouts-in-Next-Gen?page=1#community_comment_360012682831.

    Last thought: my company decided to transition for Q3 – despite the lacking features – because transitioning a 10-Q seems much less daunting than a 10-K and because, as of 12/31/20, Classic will truly go away. Adobe Flash won’t just be unsupported on browsers as of that date, it will be 100% blocked from all major browsers. For me, that fact didn’t sink in until I did some Googling in early August. So, if you didn’t realize it, it’s just something to consider.

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  • Mike

    Hi all!

    A few updates here as some key improvements have been released recently.

    Attachment labels, markup, approval stamps and the ability to export to PDF with the aforementioned items is now available for next gen. Our Product Team continues working on the full Support Binders experience and plans to have those pushed out this quarter. Certainly stay tuned to What's New for those updates and holler with any questions along the way. Thanks as always and happy Wednesday!

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