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Last Chance: Comments on the 2013 XBRL Taxonomy Due Monday

 
The beauty of XBRL is that it’s built to evolve over time and to accommodate new financial reporting requirements. That’s also one of the inevitable challenges of the system for anyone who tags in XBRL. Just as the taxonomy becomes familiar, FASB (the Financial Accounting Standards Board) introduces a new version of the taxonomy and a fresh learning curve begins. [More]

SEC Rule to Help Halt War in Congo Means More XBRL Tagging for Oil, Gas, and Mining Companies

 
In late August 2012, the Securities and Exchange Commission (SEC) issued the final rules for conflict mineral disclosures, including the disclosure of payments by resource extraction issuers, as part of a U.S. foreign policy push to help stop the deadly war in the Democratic Republic of the Congo. [More]

Use it or Lost it: The Grace Period for Tier 3 Filers

 
Roughly 6,000 Tier 3 filers are facing the challenge of completing their first detailed tagging assignment. The SEC gave Tier 3 filers a 30-day grace period for completing this new task, and while many companies were relieved to have the additional time, others are reluctant to take the extension because it means filing a 10-Q amendment (10-QA), something they fear might raise a red flag with the regulators. [More]
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