February 2013

Ensuring Accuracy in Your XBRL Filing

With the SEC’s Limited Liability (Safe Harbor) provisions on interactive data expiring and the data consumption market demanding error reduction,* we recommend that registrants refocus on the XBRL data they are submitting to the SEC. Creation of detail tagged XBRL information is arduous and time consuming. ParenteBeard wants to help you ensure it is accurate and aligns with the SEC’s interactive data specifications.

In addition to our XBRL compliance (tagging) services, we perform agreed-upon procedures engagements addressing the accuracy, completeness and consistency of XBRL tagged data. See our Limited Liability summary document here.

These engagements give principal financial officers information as to whether their XBRL data set (1) meets the SEC’s data creation specs and (2) aligns with the appropriate U.S. GAAP accounting.

Need a visual to better understand the XBRL filing process? Check out our informative infographic.

Our XBRL team is here to ensure the quality of your SEC XBRL filing. Please contact Partne rJames O’Brien at 215.972.2391 or James.Obrien@ParenteBeard.com with any questions about ParenteBeard’s XBRL services.

* The Columbia Business School’s Center for Excellence in Accounting and Security Analysis December 2012 White Paper, AN EVALUATION OF THE CURRENT STATE AND FUTURE OF XBRL AND INTERACTIVE DATA FOR INVESTORS AND ANALYSTS cites as their first specific recommendation:  “The entire XBRL community must find a way to reduce significantly the error rate and unnecessary extensions (company-specific data tags). Some approaches that might achieve this are: providing greater regulatory oversight, potentially requiring an audit of the data, or requiring filers to resolve the error and quality checks communicated to them by XBRL US.”
ParenteBeard LLC: Confidence Through Clarity