On December 10th, the SEC announced the release of a draft 2010 Risk/Return taxonomy and some sample instance documents with the “rendered” reports for public review.
The 2010 Mutual Fund Risk/Return Summary Taxonomy has been developed as an update to the 2008 Mutual Fund Risk/Return Summary Taxonomy. The updates provided in this release have been developed primarily to optimize the taxonomy for use in the Commission’s previewer and viewer which are currently being updated to support this taxonomy. In addition, other minor technical edits and corrections have been made. However, the element names and content of the taxonomy remain unchanged.
Public Comments Due on December 31, 2009
The SEC staff is seeking public feedback on the draft taxonomy and all other deliverables listed. Companies are encouraged to provide all comments via email to ask-oid@sec.gov by 5:00 pm EST on December 31, 2009.
According to the SEC, upon completion of the public comment period and consideration of the feedback, the taxonomy will be finalized and ultimately made available for use with the Commission’s systems. Indication that the updated taxonomy is available for use will be made via the standard taxonomies page at http://www.sec.gov/info/edgar/edgartaxonomies.shtml.
Rendering Risk/Return Summary Data on SEC Website
The Rendering Guide and the set of sample filings provide detailed explanations and examples of how to prepare the XBRL taxonomy and instance document to achieve desired rendering results.
Since the rendering rules are quite different from the corporate financials, companies should definitely review the rendering guide and the samples carefully to get a good understanding of the best way to prepare the filings.
Here are a few rendered examples:
Figure 1 – Shareholder Fees
Figure 2 – Bar Chart Data
Figure 3 – Average Return Data
If your company is starting to evaluate software/service providers for your mutual fund XBRL solution, make sure the vendor you select fully understands not just the taxonomy, but also the rendering requirements. XBRL is about data transparency, but for the data consumers, an accurate and well-organized report display is almost equally important.
Tags: instance document, Mutual Fund, Risk/Return, Taxonomy
