Sign Values in XBRL – Part 3: Features and Tools to Assist in the Review Process
Now that we have discussed some of the complexity surrounding appropriate sign, filers should not be scared. Mature software tools can do much of this review work for you as well as highlight areas of risk visually.
First, the software tool should be able to validate against patterns for one-way reporting elements. If Accumulated Depreciation is entered as a negative, sophisticated tools like Crossfire can warn the user of a potential issue.
Secondly, some XBRL tools can provide custom filters that can be used to isolate and focus on higher risk areas. For example, if a filer believed a higher risk of errors related to inappropriate negative sign existed in the Income Taxes Note, Crossfire can produce a report that includes all negatively reported amounts from that Income Taxes Note.
Tools like Crossfire allow users to customize filters to their imagination and unique risk areas. Using these filters within Crossfire itself provides some really helpful visual indicators which can be used to review much more quickly than trying to manually review this data from a static and printed report.
As already discussed, applying the correct sign to XBRL data is not only important because it is an SEC requirement, but because it impacts the value XBRL data can provide to end users. Inaccurate data leads to inaccurate analysis. If you think Rivet or our Crossfire preparation tools can help you in your quest to minimize these errors going forward, just give us a shout.
