Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.