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SEC staff call out custom axis tag use in XBRL filings

Tammy Whitehouse | March 30, 2016

Staff at the Securities and Exchange Commission are advising companies to take a careful look at their use of axis tags in their XBRL filings. With more than 300 provided in the U.S. GAAP Taxonomy and most companies using about 20 of them, there should be little reason to create custom tags, the staff says.

“In general, the need to create a custom axis tag -- one that is not in the standard taxonomy -- should be infrequent,” the staff advised in a recent report. “When companies create a custom axis tag when an appropriate standard axis tag already exists within the U.S. GAAP Taxonomy, data quality is diminished and comparability among and between reporting companies is unnecessarily impaired.”

The SEC’s Division of Economic and Risk Analysis has been studying corporate...

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