4 Important Facts Concerning iXBRL

By | 06/13/2017 | 7:15 pm ET

After much speculation, the Securities and Exchange Commission (SEC) has released the long-awaited proposal requiring public companies based in the United States to utilize Inline XBRL (iXBRL) when submitting their financial statements and other public documents. So what do you need to know about this proposal? 1. How iXBRL works:  Inline XBRL is an updated version of the XBRL reporting format. This new format embeds HTML tags into different financial…

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2 Things to Know About EDGAR Passphrase Updates

By | 03/16/2017 | 6:40 pm ET

On March 13 2017, the SEC changed the method for updating EDGAR passphrases on its Filer Management website by implementing a dual stage authentication process for SEC filers who request their passphrase to be reset. This is a security update to the original requirements, which was implemented in 2004, as a safety measure to protect account holders password and identity information. As this is an important update that requires account…

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SEC Observations of XBRL Segment Tags

By | 01/14/2017 | 11:16 pm ET

The staff in the SEC Division of Economic and Risk Analysis is required to assess any aspects of XBRL that could potentially affect data quality. Recently, the SEC staff specifically examined XBRL custom axis tags, also known as segment tags, submitted in annual reports associated with the Form 10-K. Axis tags are utilized in XBRL by allowing filers to differentiate between reported elements through the use of dimensions. These dimensions…

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Hiring an EDGAR Filing Agent

By | 01/13/2017 | 10:23 pm ET

The Securities and Exchange Commission mandates that a company file several forms providing basic information regarding a company before attempting to sell or offer securities.  Companies may also be required to submit quarterly and annual reports, as well as corporate updates and notification of new offerings, etc.  These "EDGAR" forms reflect how a company operates and why it is essential that every form that is filed is professional as possible. …

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Importance and Benefits of GAAP Taxonomy

By | 02/13/2016 | 10:10 pm ET

The GAAP (Generally Accepted Accounting Principles) taxonomy yearly update was recently released, and the SEC is strongly promoting the usage of this recent release. The taxonomy is essentially a combination of both financial and business reporting terms, that has been generally agreed upon. The Taxonomy combined with the required reporting creates XBRL data. The 2016 update like its predecessors is still focused on stability, however the main focus shifted to…

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Detailed Analysis of XBRL Filings

By | 06/01/2014 | 5:08 pm ET

Recently, we performed a side by side comparison and analysis of recently filed XBRL filings by our competitors. As shown in the analysis, there could be many tags that are either unnecessary or incorrect. These types of errors can hurt public companies that are earnestly trying to maintain proper data quality. Moreover, investors, analysts, auditors, and creditors may be skeptical about the quality of the rest of the filing. The oversight of incorrectly placing tags is something…

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