By Evan Condran. One of the main purposes of XBRL requirements is data transparency for investors. In order to make it easier for investors, and peer companies, to translate the interactive data filings, the SEC provides readers with a Rendering Engine.
The SEC’s Rendering Engine allows investors to view the interactive data filings (XBRL tagging) that public companies are required to file. Furthermore, the Rendering Engine previewer allows companies insight into what their filings will look like to investors prior to filing. This previewing functionality is a vehicle for companies to test and review before they officially submit their financial documents. Below we have outlined a few of the changes the SEC recently made to the functionality of the Rendering Engine:
- Data points that are not rendered are meant to appear in an “uncategorized items” report numbered 9999, but this did not always, occur causing some facts to entirely disappear. This case has been corrected.
- Reports with many rows could cause extremely long run times; some cases have been corrected.
- Reports containing a wide range of numeric magnitudes no longer inappropriately round off smaller numbers.
- Cash Flow statement report columns continue to be treated as before, hiding columns of short duration and few facts mainly affecting fiscal Q3 cash flow statements. Now, the filing summary log includes a notification when this has been done.
- Each column not in an embedded report and not showing multiple currencies now represents a distinct period of time, and dimension members are displayed as additional row sets, not as additional columns.
- A fact in a context having dimension members will only be displayed in a report if its dimension members appear in the presentation group of that report. Many filers already do this in order to ensure that dimension members are listed in the desired order; they will see no effect. For filers that do not do this, an “uncategorized items” report may appear where it did not before, and filers can return to the desired layout by adding to their presentation linkbase.
These updates to the Rendering Engine further support companies complying with the Interactive Data Mandate and illustrate that the SEC will continue to support and drive this requirement going forward. To learn more about XBRL and SEC requirements, download 5 Fundamentals to Learning XBRL or watch our XBRL 101 webinar.