XBRL Text Block Tagging; Easy as 1, 2, 3

June 3rd, 2009 by Brian Larson, CPA - Software Quality Engineer

With the SEC’s final ruling on XBRL issued earlier this year, the commission made a decision that a filer’s first year filing shall include the footnotes and financial statement schedules tagged in blocks of text (http://www.sec.gov/rules/final/2009/33-9002fr.pdf pg 7, but labeled as pg 6781). This decision greatly simplifies the tagging process in the first year. In subsequent years, each filer will be required to create a more detailed filing but that’s a subject for another day. Let me show you how easy it is to create text blocks for your notes using Rivet Dragon Tag and CrossTag software.

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Rivet’s Summary of the 2009 US GAAP XBRL Taxonomy

June 2nd, 2009 by Christy Rohrs, CPA - Director of Education Services

A Quick User’s Guide for Preparers

There are a lot of questions going around right now about when companies should be using the 2009 US GAAP Taxonomy for their XBRL filings. Per the Edgar Filer Manual located on the SEC website (http://www.sec.gov/info/edgar/edmanuals.htm), Edgar is anticipating being able to handle the 2009 Taxonomy in the third quarter of their fiscal 2009 year which is 6/30/09:

It is anticipated that in the third quarter of Fiscal Year 2009, EDGAR Release 9.15.2 will introduce the following changes: 1) the existing US GAAP Taxonomy will be upgraded to 2009 US GAAP Taxonomy. 2) The US GAAP Beta 2.0 Taxonomy will no longer be supported and 3) Submission Type SH-ER Information Table XML documents will be validated against the schema included in the Submission Type SH-ER Information Table XML Technical Specification posted on http://www.sec.gov/info/edgar.shtml.

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When it comes to XBRL, you can file it right the first time!

May 13th, 2009 by Brian Larson, CPA - Software Quality Engineer

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The EDGAR system is now busily accepting live XBRL filings. Last week (week of May 4th) there were 11 new filings. I thought it would be beneficial for those who are new to XBRL to write something about preparing a valid filing. By valid, I mean something that will pass the EDGAR validations and make it into the system.

There’s a lot of talk out there about how difficult XBRL is and how companies should not try to prepare their own filings but instead outsource it. We at Rivet Software work hard to make products that take the complexity out of XBRL so that you can do your filings in-house. One of the ways we do that is by hiring people like me, a CPA who understands financial reporting and how to create tools that are easy for non technical professionals to use.

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