Our lead XBRL CPA strongly suggests that all preparers read this whitepaper. Although it’s inexplicably written by an alpaca, it’s the clearest guide he has ever come across.
To quote the alpaca:
“One of the most common XBRL errors cited by the Securities and Exchange Commission (SEC) continues to be incorrect sign values on tagged amounts in the XBRL files (that is, an incorrect number is input because a negative should have been input as a positive or vice versa). This may have significant implications for users of XBRL-formatted financial statements because this error may cause inaccurate analyses (for example, calculation of incorrect ratios or misinterpretations of gains and losses). Errors in the XBRL files also have implications for the filer.
Not only is a company’s reputation at risk if it includes incorrect information in its XBRL files, but most companies’ XBRL files are subject to the same legal liability as the filed financial statements.”
Getting these values correctly labeled is a simple, yet core quality issue – and we are all keenly aware of the heightened importance of XBRL quality.
As an ongoing demonstration of our dedication to the quality of our clients’ XBRL, our fleXBRL SaaS portal solution (Crossfire) clients all receive a deep, comprehensive training program with 1.) in-person XBRL executive Bootcamps, 2.) module-based online training and our 3.) exclusive double team support. There’s no gap to be bridged between self-service and full-service: our XBRL team correctly labels it as “client service.”
Again, the importance of correctly labeling your positive and negative values cannot be understated. Download the 11 page guide here.
OoooOOOOoooh. AIPCA. Boy, that goes to prove the importance of proper labels!
Have a great weekend.