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SEC Issues Staff Observations on its Review of Issuers' XBRL Filings
Practical Law Legal Update 8-516-6270 (Approx. 3 pages)
SEC Issues Staff Observations on its Review of Issuers' XBRL Filings
by PLC Corporate & Securities
| Published on 13 Dec 2011 • USA (National/Federal) |
The SEC's Division of Risk, Strategy and Financial Innovation issued updated staff observations after completing its latest periodic review of issuers' XBRL filings for compliance with SEC rules relating to interactive data for financial reporting.
On December 13, 2011, the SEC's Division of Risk, Strategy and Financial Innovation issued updated staff observations following its review of issuers' eXtensible Business Reporting Language (XBRL) filings for the second quarter of calendar year 2011 for compliance with the SEC rules relating to interactive data for financial reporting. The filings reviewed by the staff included the first submissions made by the third phase-in group of issuers as well as the first detailed tagged submissions of the second phase-in group.
The staff's observations include discussions of:
- Formatting of the XBRL financial statements.
- The presentation of negative numerical values.
- The use of unnecessary extensions.
- The completeness of tagging.
For more information about XBRL reporting, see Practice Note, XBRL Reporting Requirements.