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Long-Silent SEC Offers New Guidance, Warnings on XBRL

Tammy Whitehouse | July 8, 2014

After taking its time to assess the state of XBRL compliance and start calling for needed corrections, the Securities and Exchange Commission has issued some new cautions regarding XBRL filings to public companies: don't forget to provide your calculation relationships, and particularly for smaller companies, reduce your use of custom tags.

The SEC's Division of Corporation Finance published an open “Dear CFO” letter as a sample of correspondence sent directly to certain public companies indicating they weren't including all the required calculation relationships in their XBRL filings. “Acceptance of your filing by EDGAR does not mean that your filing is complete or in compliance with the commission's requirements,” the letter says. “We ask that you, in preparing your required exhibit with XBRL data, take the necessary steps to ensure that you are including all required calculation... To get the full story, subscribe now.