Category Archives: SEC Regulations

Once the 2013 US GAAP is finalized, you cannot file in 2011 GAAP. You can still file with 2012 GAAP and of course the new 2013 GAAP. This has impact on your XBRL taxonomy tags.

To help with this, there is an important webcast today that will provide an overview of changes in the 2013 US GAAP Financial Reporting Taxonomy with expanded coverage of the Financial Accounting Standards Board (FASB) new series of XBRL Implementation Guides. In addition, the SEC staff will discuss current XBRL filing issues.

1:00–2:30 p.m. Eastern Daylight Time

CLICK HERE to read the official description and register. It is free and offers CPE credit if you are eligible.

CLICK HERE to learn about our XBRL solutions.

Have a great day.

Non-large accelerated fliers are soon to be without the Even-Safer Safe Harbor of their XBRL’s limited liability period, a 24-month grace period where the SEC considered your XBRL as “furnished” not “filed.”  That meant that mistakes within your XBRL documents were viewed as errors in good faith, and carried no penalties if corrected promptly. Once your company’s grace period ends, your XBRL files have the exact same material error liabilities as your traditional EDGAR HTML files.

Most non-large accelerated filers lose the training wheels of limited liability after their Q2 2013 filings. Everyone is freewheeling by October 2014.

Fortunately, we have had our large accelerated filer clients as trailblazers, offering great examples for success against liability.

Observations:

• A simultaneous XBRL and EDGAR (HTML) solution – in our product vocabulary, fleXBRL – assures that the EDGAR and XBRL always match. That automatically removes a bevy of risk.   
• Unless you have deep XBRL expertise in your financial reporting group, a totally DIY web filing solution may not offer you enough support. We suggest clients focus on the strategy of what they’re reporting, not the tactical burden of reporting. Try a hybrid self-service with unlimited support method – the cost is about the same if you shop and compare wisely.  
• The SEC has not defined what a “material error” is, but they’ll know it when they see it. That’s SOP for the SEC. So it’s always CYA, OK? 

Our guidance, albeit biased towards our product strategy: work a hybrid XBRL filing model that provides you with the #1 most requested feature – real-time, last-minute edit & review and that includes dedicated tagging and tactical expertise. Think of this model as wearing a helmet.

Another consideration is a fiscal one. Please be wary of “cheap-XBRL.com” shops. XBRL is still very new and multi-faceted. Select a top XBRL firm with deep, real-life experience (preferably us).

What is your XBRL workflow wish? Tell us here.

Have a great day.

The Financial Accounting Standards Board (Faasbee to their close personal friends) issued their XBRL Implementation Guide: the first style guide of the FASB U.S. GAAP Financial Reporting Taxonomy Style Guide Series.

FROM FASB: “The purpose of the Implementation Guide is to demonstrate the modeling for disclosures required about events occurring subsequent to the end of a public company’s reporting period. The modeling has been completed using the elements in the Taxonomy. The examples are not intended to encompass all of the potential modeling configurations or to dictate the appearance and structure of a company’s XBRL documents.”

The guide has a few sections in it that visually illustrate how I often explain XBRL to the yet unenlightened mass. (aka: “most everyone else”) XBRL is like wearing 3D glasses when you look at financial reports. Without the glasses, you see just the surface, free-standing number. With the glasses on, you see the depth attached forever to that number. If we were in a spreadsheet program. you could delete the descriptive text first or header columns, and the numbers still know what they are.

The charts below is a nice example of the Taxonomies behind the numbers. Click to enlarge.

Learn about our XBRL solutions here. Tell us how you like to work.

Have a great day. 

THIS NEWS IS 99% COPIED FROM XBRL.US EMAIL. DUE TO ITS’ IMPORTANCE, I THOUGH IT WAS PRUDENT JUST TO CUT-N-PASTE.  ————————————-

XBRL News for Filers – SEC Enforcing Use of Units Registry Important WEBCAST

Effective immediately, the SEC is enforcing the requirement that all filers use the XBRL International Units Registry (http://xbrl.org/units-registry).

What does this mean to filers?

If you are using an element with a datatype that is defined in the Units Registry, you must use one of the units associated with that datatype in the units registry in your filing. If you use a unit that does not match the datatype in the units registry, your XBRL submission will be rejected by the EDGAR system. This applies to all filings that are created using the 2012 US GAAP Taxonomy and of course, will apply to the 2013 as well.

To ensure that filers understand how this works, XBRL US will hold a 30 minute webinar on Tuesday, February 19 at 1:00 PM ET to walk you through how to use the Units Registry.

To attend the live webinar, use this link: https://www.livemeeting.com/cc/xbrl/meet/7597PP

We’ll also record and post the session replay to the XBRL US Web site at http://xbrl.us/replay.

———————– GREAT WORK XBRL.US