filing packages w/ CPA review.
All filings that issuers submit in XBRL formats require block and detail tagging of financial statements and footnotes. Each line item and number must have its own tag with corresponding context periods and unit precision, including parenthetical data.
XBRL tagging is a unique solution to taxonomy issues that occur in conventional accounting formats. By leveraging the usage of meta-data tags in a variety of different financial statements and filings, machines can easily interpret and process information. The SEC currently uses four levels of data tagging when reviewing submitted documents.
SEC Rule 405 of Regulation S-T requires filers to block and detail tag footnotes in four levels. The following items must be block tagged:
- Level 1: Each footnote disclosure
- Level 2: Each significant accountant policy within the footnotes
- Level 3: Every table or schedule within each footnote
- Level 4: The numerical values (in text and tables). These require detail tagging within the footnotes, as done in the financial statements. Where possible, corporate accountants should create tables rather than text to facilitate more accurate and efficient XBRL mapping.
XBRL Tagging Overview
XBRL format is not a precise duplication of HTML. Therefore, formatting features such as bolding, hanging parentheses, and double underscores will not exist in the XBRL filing. Because of this, issuers must pay special attention to a set of data’s taxonomy tag, context period, unit type or precision, preferred label, and any segment data to reduce the possibility of any errors.
To view an example of XBRL data tagging, click here.
Colonial Filings provides issuers with accurate XBRL tagging in a timely manner. Our XBRL tagging services include:
- Insertion and review of your XBRL tags
- As part of the review process, ensuring block and detail tagging of your footnotes appropriately, complying with Rule 405
- Providing a user-friendly review technique that allows your accountants to make any final changes to your documents if required
- Thorough review of your documents and usage of validation tools during the validation process to ensure XBRL tag accuracy
- Consistent updates to your filings over time to reflect any changes in XBRL tagging requirements
- Submitting your completed filings to the EDGAR system, ready for the SEC to review
Choose Colonial Filings today to meet all of your deadlines and ensure the accuracy of your filings, ultimately maintaining compliance with the SEC.
Contact a sales representative to learn more about our XBRL Tagging services at 877-285-8605 or by clicking above.