On December 4, 2009, the Securities and Exchange Commission launched its XBRL information portal, which can be found at http://xbrl.sec.gov. The portal consolidates in one easy to find central location all SEC related XBRL information and also highlights new XBRL developments to simplify searching for the most up-to-date information. In this issue of the XBRL Update, we will summarize the information available on the SEC’s XBRL portal, discuss the quality of the second wave of filings and provide you an update on how to best prepare for the upcoming 10-K and detailed tagging requirements.
SEC’s XBRL Portal
The SEC’s XBRL portal contains five main categories: Rules and Regulations; Background; View Filings; Interpretive Guidance; and Technical. Details of each category are as follows:
- Rules and Regulations: Contains postings of final XBRL rules for Publicly Traded Companies, Mutual Funds, Nationally Recognized Statistical Rating Organizations and the Voluntary Filer Program (VFP).
- Allows users to access the respective rules and regulations without having to search through the SEC website.
- Background: Contains general XBRL information, covering:
- A brief synopsis of XBRL and the countries in which XBRL has already been implemented.
- A glossary of frequently used terms (i.e. element, concept, extensions, etc).
- History of the SEC’s adoption of XBRL and information regarding the Office of Interactive Disclosure (OID).
- View Filings: Various options for viewing XBRL filings submitted to the SEC are listed:
- Users may subscribe to an RSS feed or view the latest 100 XBRL files submitted to the SEC.
- View filings submitted under the VFP.
- Search EDGAR filings (which include XBRL exhibits, if submitted) by company name, ticker symbol or CIK number.
- Link to upload XBRL files to the Interactive Data Viewer (“Previewer”).
- Interpretive Guidance: The SEC will continue to issue XBRL guidance based on their
review of interactive data submissions and questions raised by filers and agents.
- Technical: The technical section includes links to:
- Approved taxonomies.
- The EDGAR Filer Manual.
- Shortcut to the SEC Previewer.
- Listing of EDGAR XBRL Validation Errors and Warnings.
Second Wave of Filings Submitted to the SEC
On September 28, 2009, the SEC updated the EDGAR system to enhance its Interactive Data (XBRL) file validation capabilities. Since the update, Business Wire has been closely monitoring the quality of the filings, noting a marked improvement in the SEC submissions as compared to the prior quarter. Furthermore, upon closer examination, we have noted through two sets of independent validation tools that the SEC continues to accept filings with EDGAR Filer Manual
errors. From September 28th through November 20th, we noted 30 out of 410 filings had at least one error according to one of the validation tools.
10-K and Detailed Tagging Requirements
Along with the 10‐K filing come additional XBRL requirements, which include mapping: the Statement of Shareholders’ Equity, additional notes to the financial statements and financial statement schedules.
- Detailed Tagging: For clients required to file XBRL exhibits in the first phase, detailed tagging will be here before we know it. First phase filers will be required to present detailed tags for their second quarter filing in 2010. Detail tagging creates an additional burden on the filer as it increases the amount of work required to ensure XBRL compliance and forces the filer to change their financial reporting process to ensure ample time in incorporating last minute changes.
Have any XBRL questions or concerns? Simply contact us at XBRL@BusinessWire.com.