When is the Best Time to Migrate?
We recently published a technical report discussing the dilemma many companies faced during their most recent filing. “XBRL: To Migrate or Not to Migrate?” weighs both the pros and cons of choosing to migrate from either the 2011 US GAAP Taxonomy to the 2012 US GAAP Taxonomy or continuing to use the 2011 taxonomy until the 2013 taxonomy is approved.
This decision is especially critical this year due to the SEC’s statement regarding the 2011 taxonomy being rendered null as soon as the 2013 taxonomy is approved. In the future, the SEC is expected to move up the timing of taxonomy approvals, but filing in time has been a game of chance this year. Read the entire report to learn more about the future of taxonomy migration schedules and why it is important to build a migration plan into your financial close calendar.