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Detailed Footnotes no devils in the details

The issues with tagging for Levels 3 and 4 requirements are varied but not as daunting as some experts have opined. People have bandied around estimates of over 200 hours just for detailed tagging notes (Levels 3 & 4 requirement). Their concerns are understandable but let us look closer at the pieces of the puzzle and see how they can be put together, particularly by putting to use a combination of intelligent heuristic tools and/or processes.

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Detailed Footnotes in XBRL Filings

In January 2009, when SEC issued its XBRL mandate, it specified four levels of XBRL tagging that companies would be required to file along with their regular EDGAR filings. To ease the process of adoption of this new standard, SEC designed a three year phase-in for the new compliance requirement.

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