Year 2 of the SEC's XBRL Mandate
Description In January 2009, the SEC issued rules on how companies should prepare and submit an XBRL Exhibit. In the initial year, financial statement footnotes and financial statement schedules are allowed to be tagged individually as a block of text. The year two requirements will exponentially expand the extent of tagging that is required. This Issue Alert provides a description of: • Significant changes in Year 2; • Background on the SEC’s XBRL mandate; • Benefits of automating the “last mile” of the financial reporting process; and • An implementation road map.
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