Beginning April 29, 2013, the EDGAR system will begin accepting submissions with XBRL exhibits based on the 2013 U.S. GAAP taxonomy. You can read the entire 2013 taxonomy here. NOTE: scroll to the bottom of the welcome page and accept the FASB policy.
On that date, the EDGAR system will no longer accept submissions with XBRL exhibits based on the 2011 U.S. GAAP taxonomy. It will continue to accept 2012 U.S. GAAP taxonomy.
In addition to the new taxonomy, this is a fine time to have a conversation with your internal and external XBRL teams about quality. As posted prior…XBRL quality is critical: errors inhibit investor adoption of your data ( your investment in XBRL) and you will be legally liable for errors in your filing.
KPMG sums up the most common errors. Remember, these are NOT errors in “your numbers.” These are back-room XBRL faults. The most common mistake across all filing is the mis-tagging of negative values. Basically, this is a typo. Be watchful as its a little counter-intuitive for accounting.
Are you satisfied with your XBRL process and workflow? Our fleXBRL program balances costs and process (without sacrificing quality) to match your budget.
What is your XBRL workflow wish? Tell us here.
Have a great day.