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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 […]

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 […]

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 […]

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 […]

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 […]

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 […]