Category: XBRL (eXtensible Business Reporting Language)

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EDT
Many companies and consultants help others comply with eXtensible Business Reporting Language (XBRL) formatting. You may not know everything about XBRL, but it’s a good idea to learn from your providers and experts about what to do and when. You will be more prepared and may make fewer mistakes in the future. Complying with XBRL […]
EDT
Shareholders Can Gain a Better Understanding of Corporate Governance On April 29, 2015, the SEC proposed a ruling that would require corporations to disclose the relationship between executive pay and fiscal performance. SEC Chair Mary Jo White stated that the ruling would better inform shareholders of voting proposals set forth by companies and provide a […]
EDT
Since October 2014, XBRL exhibits submitted by public companies have carried the same liability provisions as HTML filings under the anti-fraud provisions of the Securities Law. Rule 406T by the SEC requires filers to submit accurate XBRL filings with a “good faith effort” and to be held to the same standards of accuracy and quality […]
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EDT
Program Will Provide “Combined Data Sets” for Use by Investors and Analysts In December, the SEC announced the unveiling of a program that will allow investors and analysts to have an easier time analyzing financial statements using XBRL. The data that public companies provide via XBRL will be pooled into structured data sets for external […]
EDT
On the second day of the year, U.S. House of Representatives failed to pass HR 37, “Promoting Job Creation and Reducing Small Business Burdens Act”. HR 37 would have exempted small public companies with under $250 million in annual revenue from filing in XBRL. The focus of the bill was to mitigate the costs public […]
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EDT
Colonial recently performed a side by side analysis of XBRL in 10-Q and 10-K filings submitted by our competitors. The analysis presents two examples where incorrect tags were placed and the potential remedies. Each example included different inconsistencies at different locations within the financial statements. As shown in the analysis, there could be many tags […]