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As you know XBRL tagging is mandatory for SEC reporting companies, we provide you the XBRL tagging service to fulfill SEC tagging requirement from Level 1 to Level 4 and detail tagging.
We have a team of accounting professionals with experience in XBRL tagging as per US GAAP requirement. We commit to deliver the end result with quality element tagging and deliver it on time for your filing requirement. Our delivery time frame is usually next day morning. Since we focus mainly on XBRL and accounting service, you can expect quality xbrl tagging for your financial statement.
For each rows in the financial statement we have to assign an element as per US GAAP. Element can be of monetary or shares or string or per share, etc. Monetary element type will have debit or credit value assigned as per US GAAP. Eg. Cash element type will be assigned with Debit as pre-fixed.
Another important concept to understand is context. A context is nothing but a column of the balance sheet, e.g. As of 31, December 2014. Context can be further divided into instant or duration. Instant context is used for presenting as of or on a particular date information. Duration context is used for presenting amounts for a period range, example 3 month ended, 6 month ended financial statement values.
When selecting an element care should be taken to select the correct context type.
Many filers try to present the xbrl as per the edgar reported format, which is not correct as per SEC guidelines. Care should be taken to map the correct element by understanding the importance of debit and credit concept.
After tagging the Financial Statements (Balance sheet, statement of operations, Statement of equity and Cash flow statement), policies section to be presented. After that tables section (Any tables presented in the notes section of the financial statement to be presented) and table details (tagging of table line, similar to balance sheet tagging). Some time tables need to be tagged with axis and member combination.
Then the last section is narrative, where all the numeric facts to be tagged with correct context period. In narrative section, taggers usually use the Axis and Member to represent the tagging line. An example of Axis is, “Related Party Transaction Axis” – This axis is used when in notes a discussion is presented about any transaction involving a related party. Related party can be a shareholder, CEO, CFO, director, etc. Based on the notes, select the correct member; example Director for representing loan given to director.
Some of the common errors as reported by SEC in their review are (Reference http://www.sec.gov/spotlight/xbrl/staff-review-observations.shtml)
As you have read from above XBRL is an art and give it to professionals for accurate presentation. Our taggers are professional accountants who understand the accounting principle of debit and credit. Also we will help you to understand the XBRL statement, so that you will be comfortable with what you are approving for filing with SEC.
You can still keep your edgar filer and work with us only for XBRL. Drop us your requirement and our experienced professional accountants will help you to clean up your XBRL tagging.