What is XBRL? XBRL (eXtensible Business Reporting Language) and IDEA (Interactive Data Electronic Applications) are the latest initiatives undertaken by the SEC to make the data contained in publicly-released financial reports easier and quicker to obtain and analyze by investors. This reporting format loads a company’s financial information into a consistent database format that allows investors to simply download a company’s financial information, instead of manually reading through an HTML or ASCII document, and then hand-keying the information into analysis tools such as spreadsheets.
When do we have to file using XBRL technology? Companies with market capitalization of $5 billion or more (as of the end of the second quarter of 2008 - roughly the top 500 U.S. companies) are required to submit XBRL documents in addition to their HTML/ASCII files for any filings with a report date after June 15, 2009. Companies classified as "Large Accelerated" filers are required to add XBRL documents to their submissions for reporting periods after June 15, 2010; all other companies will submit their XBRL documents for periods of report after June 15, 2011 (with the exception that a companies first report does not have to be their annual report). Regardless of company size, the SEC encourages every company to begin early to establish the processes and procedures required to submit XML files concurrently with their HTML or ASCII files.
Also noteworthy is the requirement of "tagging" the notes to the financial statements: In the first year a company is required to submit XML documents, the notes may be "block tagged." In the subsequent year, each item within a note will need to be itemized and "tagged" individually.
How do we file XBRL documents? Southridge Services, as a full-service XBRL filing agency and consulting firm, helps companies meet their XBRL filing requirements in the manner that is best for them. As an experienced full-service XBRL filing agency, we can map and tag company financials, making it easy for companies to file with a simple proof review. Or, if companies desire to select the appropriate elements from the US GAAP taxonomy themselves, we offer both XBRL consulting on how to get started, as well as filing-only services using the elements a company has specified. Simply contact us at filing@sec-report-filing.com anytime to discuss which route your company would like to take.
Please note that whether a company chooses to outsource their XBRL tasks, or simply needs some assistance to process XBRL in-house, preparation time is critical! Unlike typical HTML/ASCII filings, the mapping process requires about a week of dedicated time to process, as several decisions need to be made, which requires some communication time to assure the XBRL filing is the most representative of the company financial statements. In fact, the mapping can (and should!) be done several quarters before a company needs to file their first XBRL documents. The first group of XBRL filers consisted of about 500 of the largest companies. The next consisted of about 1,000. The last phase, for 10-Q filings dated after June 15, 2011, will include about 11,000 companies. If you wait, you'll be in a long line! Call us toll-free TODAY at 877-553-3427!
For a full description of the SEC’s XBRL and IDEA initiatives, please visit http://www.sec.gov/spotlight/xbrl.shtml .
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