In a chart topping 1971 song, Rod Stewart lamented, “It’s late September and I really should be back at school”. As we approach the latter days of September in the practice of XBRL for SEC filing, it’s also time to take a back to school approach to improving your company’s XBRL filings. We have prepared a “to do” list to help you get up to speed with the proposed 2016 XBRL taxonomy.
The Financial Accounting Standards Board (FASB) in Norwalk, CT. is charged by the Securities and Exchange Committee (SEC) with creating generally accepted accounting standards (GAAP) for corporations doing business and participating in capital markets within the United States. Every September, the FASB announces their preliminary taxonomy for the following year. On September 1, 2015, FASB released the proposed 2016 GAAP Financial Reporting Taxonomy for public review and comment. (See full announcement here.)
Your XBRL “To Do” List
Here is a list of the detailed information available on the FASB website:
Guidance and Supporting Documents include:
The Modifications to the Taxonomy (Excel Version) is a great place to start your review. Using Excel’s advanced techniques, you can quickly sort the files to find any element that might affect your future filings. Additionally, the Taxonomy Technical Guide is not just for geeks. Accountants should use this data as a reference especially when considering a unique extension. The guide will provide direction and guidance on almost all things XBRL.
Kimberly Earl, Office of Structured Data at the SEC provided an update on Proposed 2016 Taxonomy during the FASB webcast. As you may recall, FASB houses, monitors and administers the taxonomy while the SEC approves and incorporates changes to the taxonomy into the EDGAR Filing System. The SEC also makes changes to the taxonomies and Ms. Earl suggested that everyone in the community periodically check in with the SEC’s website XBRL.sec.gov for updates.
Kimberly also announced that the SEC has updated their email outreach and is requesting that you send your email address to the new service. Please send a note to [email protected] and ask them to add you to the update list.
Ms. Earl also indicated that the any changes the SEC proposes are also exposed for public comment on the XBRL.sec.gov structured data website. XBRL filers should also monitor the SEC EDGAR Filing page for updates.
Staff observations about XBRL issued last year are still relevant. The SEC is also meeting with the XBRL community sponsored data quality committee as observers. Ms. Earl urges filers to continue to contact the SEC with any questions and issues that may come up regarding filing in XBRL. She also requested that users look at SEC proposed changes page and comment both on the changes to US GAAP and on the possibilities of expanding the use of structured data. Inline was mentioned as an item that the SEC continues to work on. No Inline XBRL timing updates were given at the webcast.
DataTracks: Behind the Scenes
Every change in the taxonomy requires changes in the software companies like DataTracks use for filing with the SEC. Our technical team is not only aware of the changes but are prepared to answer any of your questions as you begin your annual review. Our #1 quality team will team with you to make the transition to the 2016 Taxonomy as smooth as possible.
About DataTracks: DataTracks US is part of DataTracks Services Limited, leaders worldwide in preparation of financial statements in EDGAR HTML, XBRL and iXBRL formats for filing with regulators. With a track record of over 10 years, DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India.
To find out more about DataTracks, visit www.datatracks.com or send an email to [email protected] The views expressed are that of the author’s and DataTracks is not responsible for the contents or views expressed therein. If any part of this blog is incorrect, inappropriate or violates the IP rights of any person or organization, please alert us at [email protected] will take immediate action to correct any violation.