As an accountant preparing financial documents for the SEC, you know that making sure your data is accurate and properly tagged is crucial. In our XBRL errors blog series we provide a detailed analysis of the four most common XBRL errors to help you be more proactive in the preparation process and produce better quality XBRL financials. In the fourth and final part of this blog series we will focus on date error.
Reporting high-quality XBRL data is not just a matter of compliance. Financial disclosures are increasingly used as a data source by investors and analysts. It is challenging to compare the data points if the reported values are not accurate. A simple omission of an important element such as EPS may result in misrepresentation of financial results and hamper the analysis. In this blog series we are exploring the four most common XBRL errors. This part of the series will focus on the error required value not reported.
XBRL is an important process requiring a significant amount of time and effort. Incorrect tagging may compromise the accuracy and quality of financial statements and undermine a company’s reputation. However, a large number of companies continue to make basic mistakes in their filings to the SEC. In this blog series we are exploring the four most common XBRL errors. Part two will focus on negative value errors.
The SEC is paying close attention to the quality of your company’s XBRL tagging, and it is critical to avoid common mistakes. According to a study conducted by XBRL US, many common (and preventable) XBRL errors are committed each year come filing time. In this blog series, we will explore the four most common XBRL mistakes. Part one will focus on invalid member axis combinations.