subject: Value Of Xbrl Detailed Footnote Tagging In Making Financials [print this page] Xbrl Detailed Footnote Tagging
After meeting with all the filing requirements of SEC XBRL for first year and completing primary financials XBRL Detailed tagging, it is the time to enter in 2nd phase. This is such a challenging year when you have to bear bigger challenges and you have to do more work in comparison to first year. In this phase, you have to pay more efforts in XBRL footnote tagging. This tagging includes addition work like preparing more large taxonomy filer extension. This will ensure smoothness of XBRL detailed footnote tagging creation process.
XBRL DFN Tagging Start With Proper Planning
It is a work that requires depth planning and proper analysis and thus, you should use enough time to meet all your filing needs. Use page count in order to estimating your time that will help you to review filing in the best possible way. Tracking time of individual sections creation is important because it is a new process of filing and this way, you can easily forecast the time that you have to invest on completion of further sections. Therefore, with particular planning you can succeed in creating appropriate XBRL footnote tagging.
Previous Financials & Complete Disclosures Are Related
Indeed, to successfully create XBRL detailed tagging; your previous financial statements and overall disclosures have a great importance. However, breaking entire DFN is possible for you, but still you should not forget that all the pieces of information are important. In statements, this relation can be expressed properly through XBRL tagging. For instance, you should tag long term loan maturities as well as specification of debt in your balance sheet. Hence, it is highly crucial that entire relation should be in clear form to avoid any kind of error. Not always, but generally, within different notes, there are some relations definitely.
Need Of Recognizing XBRL A Unique Way To Express Financial Information
It is true that XBRL is a great medium for expressing financial information. An XBRL footnote tagging helps in cross casting, ties various data and so on. In this format, you can use computer process for analyzing precision of tick & tie information. However, there is another way that does the same job which is called as SEC HTML, but it does not support automated testing. One thing, you must not forget whether you use HTML or XBRL process you need to evaluate the entire process.
by: Sandip Roy
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