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All filings that are submitted in XBLR formats require block and detail tagging of the financial statements and footnotes. Each line item and number is required to have its own tag with corresponding context periods and unit precisions, 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 are able to easily interpret and utilize the information within. The SEC currently uses 4 levels of data tagging when reviewing submitted documents.
SEC Rule 405 of Regulation S-T requires filers to block and detail tag footnotes in 4 levels:
Level 1: Each footnote disclosure in its entirety must be block tagged.
Level 2: Each significant accountant policy within the footnotes must be block tagged.
Level 3: Each table or schedule within each footnote must be block tagged.
Level 4: Each numerical value (in text and tables) should be detail tagged within the footnotes, as done in the financial statements. Where possible, tables rather than text should be created by corporate accountants to facilitate for more accurate and efficient XBRL mapping.
XBRL Tagging Overview
XBRL format is not a precise duplication of HMTL, therefore, formatting features such as bolding, hanging parentheses, and double underscores will not exist in the XBRL filing. Because of this, special attention must be paid to a set of data’s taxonomy tag, context period, unit type/precision, preferred lable, and any segement data to reduce the possibility of any errors.
To view an example of XBRL Data Tagging, click here.
Contact a sales representative to learn more about our XBRL Tagging services at 877-285-8605 or by clicking above.