SEC XBRL Mandate Part II – Be Afraid, Be Very Afraid | XBRL Blog Magazine.
Location:
Web Seminar
Start Date:
February 24, 2010, 14:00
End Date:
February 24, 2010, 15:00
The SEC says that beginning with the second year of XBRL filings, organisations must tag footnotes using four different levels of detail.
| 1. | Each complete footnote tagged as a single block of text; |
| 2. | Each significant accounting policy within the significant accounting policies footnote tagged as a single block of text; |
| 3. | Each table within each footnote tagged as a separate block of text; and |
| 4. | Within each footnote, each amount (i.e. monetary value, percentage, and number) must also be tagged. |
The first year of XBRL filing only requires the first level of detail. The next year’s filing will require all four levels of detail – a huge, possibly 10x, increase in tags as revealed in these public comment letters submitted to the SEC:
“We anticipate approximately 5,400 data elements would be required to be tagged … requiring a significant number of extensions to the standard XBRL taxonomies.” –FirstEnergy
Continues @http://xbrlblog.com/sec-xbrl-mandate-part-ii-–-be-afraid-be-very-afraid.html
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