A key measurement date regarding the SEC's XBRL filing requirement is June 30 of each year.  Since that was yesterday, it would be wise to note your company's Total Shares Outstanding and Market Capitalization as of yesterday's close.  For more information, contact us at info@sec-report-filing.com.

To help you map your financial statements to the US GAAP taxonomy, simply send an email to info@sec-report-filing.com.  We will provide you a file containing the information, and instructions on how to utilize it.

The SEC maintains a site that answers several questions regarding XBRL.  It is located at http://www.sec.gov/spotlight/xbrl/staff-interps.shtml.

Among the many items listed, we thought it important to highlight the following items pertaining to zero- or nil-values:

Question 9

Q: How do I arrange for facts with different types to appear on the same row?

A: None of the Commission viewers can currently render facts of different types on the same row.

Question 10

Q: How do I force a row that is entirely nil-valued facts to render?

A: The current version of the Interactive Data viewer will not render a row of entirely nil-valued facts.

Question 36

Q: Should elements for line items appearing with a "-" in the original HTML/ASCII version be tagged with a "0"?

A: No. These items should not be tagged, which will render a blank field by the rendering engine. Tag an element with a "0" value if and only if the fact appears as a "0" in the original HTML/ASCII version.

Question 39

Q: For empty cells in a table appearing in the original HTML/ASCII version, should a filer tag those facts with a "0"?

A: No. These items should not be tagged, which will render a blank field by the rendering engine. Tag an element with a "0" value if and only if the fact appears as a "0" in the original HTML/ASCII version. Similarly, if a cell appearing in the original HTML/ASCII version has a "-", that item should not be tagged, which will render a blank field by the rendering engine.

The SEC has announced that it will update the EDGAR system to enhance the validation process of XBRL submissions.  Previously, XBRL files could be submitted to EDGAR, even if they were not compliant with all technical requirements.  With this change comes a stronger need for companies and filers to submit test filings long before due dates so any errors can be corrected.  The complete text from the SEC's announcement is below:

Notice regarding upcoming EDGAR Release 9.17 and XBRL Validation

We plan to update the EDGAR system on 09/28/09 to, among other things, expand the tests the EDGAR system uses to validate information in Interactive Data File (XBRL) submissions. With this update, the EDGAR system will validate an increased number of technical requirements while processing filings that include Interactive Data Files. This part of the update does not change existing technical requirements; it will simply enhance the validation process the EDGAR system uses to confirm compliance with the EDGAR Filer Manual requirements.

Although the EDGAR Filer Manual requirements relating to Interactive Data Files generally have not changed, it is important to note that with the enhanced validation process, the EDGAR system may reject Interactive Data File exhibits that would have been accepted prior to Release 9.17. We encourage filers to take appropriate steps to ensure that all Interactive Data File submissions comply with the EDGAR Filer Manual requirements and once Release 9.17 is in place to test compliance by submitting test filings well in advance of required filing dates.

http://www.sec.gov/info/edgar/ednews/edgar9.17xbrlvalidation.htm

Modified: 08/21/2009

The process of preparing your financial statements for SEC required XBRL reporting is a two-step process:  mapping, then tagging.  Mapping matches your financial statements to the US GAAP taxonomy.  Tagging takes the mapped plan, and creates the filing documents.  Mapping can be done without respect to which XBRL software package is utilized to do the tagging.  Contact Southridge services at info@sec-report-filing.com for more information. 

When mapping your financial statements to the 2009 GAAP taxonomy, do not choose any item that indicates it has been deprecated.  In the 2009 taxonomy, several previous items were superseded, or found to be duplicates of other concepts.  They are, therefore, obsolete items.  The label of a deprecated item will indicate what element(s) could be used instead.

Below is a link to the complete text of the SEC's Final Rule regarding the approved XBRL reporting rules.

If you would prefer more a more simple and straight-forward explanation of how this applies to your business, please contact us anytime.

Tomorrow, January 15, 2009, is the last day to submit comments to XBRL US (the organization that provides the taxonomy used in XBRL filings to the S.E.C.) for consideration of inclusion of new elements, or adjustments to existing elements, for the 2009 taxonomy.

Typically the review and public comment period is between November of each year to the first part of the following year, with the final taxonomy published in February.  The US GAAP taxonomy is updated yearly to reflect new FASB reporting requirements, and to allow for the taxonomy to be expanded to better accommodate companies who submit their financials in XBRL format.

To add a comment for consideration in the 2009 taxonomy, visit http://xbrl.us/usgaappublicreview/Pages/default.aspx.

To see the latest approved taxonomy regardless of year, visit http://xbrl.us/taxonomies/Pages/default.aspx.

In the SEC Open Meeting on December 17, 2008, each commissioner expressed their views regarding the resolution to adopt the requirement of XBRL filings for all public companies filing under US GAAP.  The previous post in this blog details Commissioner Luis A. Aguilar's reason for voting against the XBRL mandate.  Troy Paredes voted for the proposal, but also offered some words of caution to investors.  He noted that XBRL filings are a more efficient manner to communicate the financial statements, and as such, although quicker for investors to obtain and analyze the information, are still backward-looking in nature.  He encouraged investors to take the time to read the MD&A section to discern a company's direction in the future.  He  stated that he is not suggesting that the MD&A section be tagged as a part of an XBRL submission - he simply said that investors need to utilize due diligence regarding a company's future direction, and take the time to analyze the MD&A.