It's creating extra work and costs for the companies with filing dates before July 22, even those that choose to write extensions rather than use the 30-day grace period. Not only do they have to file a report with those extensions, but as a practical matter they are also preparing an additional report that they will not turn in.
That's because most XBRL tags, once set up, are reusable for the next quarter, and most financial-reporting software is likewise set up to roll from one quarter to the next. Therefore, to get ready for the next quarter a company must have already created the XBRL tags for the previous quarter. If Edgar were ready to accept data-tagged submissions earlier, companies would not have to prepare two different reports. "Filers are going crazy with this," said Hannon.
The SEC did not respond by press time to a request for comment.
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Peter Boritz
Jun 30, 2009 6:59 PM ET
Compliance and Transparency
Filers have a number of options in meeting compliance to the XBRL mandate. They can do the filing in house or they can … more
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