Before You File: SEC Reminders on Common XBRL Issues
In December 2011, the SEC released their commentary on the filings submitted in the second quarter of 2011, including the first detailed tagging submissions by Tier 2 companies. The reviewers of this data surveyed the population of the filings during the period and observed some of the same issues as seen in the previous Staff Observations from June.
You can read my comments on the June Staff Observations "The XBRL Mindset Shift: What the SEC's Commentary on XBRL Filings Means to Your Company." Now, as Tier 3 filers begin detailed tagging of their financial statements, it is useful to address these issues again. I took the opportunity to both further explain and to comment on related XBRL best practices regarding all the SEC is addressing in Staff Observations From Review of Interactive Data Financial Statements.
To learn more read, "Before You File: SEC Reminders on Common XBRL Issues." In addition, to the publication of the Staff Observations, this month the SEC also provided an update to their OID Staff Interpretations and FAQs. The revised document identifies eight Q/A entries covering a wide range of topics that were updated or added. In my next blog, I will expand on some of the most significant updates and will focus heavily on the topic of XBRL units and the recently recommended XBRL Units Registry and its use.
About the Author
Timothy Randle is a Director of XBRL Solutions at Workiva. He has over 27 years of professional experience including over 5 years focusing on XBRL.