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. Large accelerated filers with public float in excess of $5 billion in Year 1, other accelerated filers in Year 2 and all others in Year 3. To provide further relief to the filers from the advanced tagging requirement of this new filing format, SEC even phased out the adoption by restricting the XBRL filing requirement initially only to Level 1 and Level 2 in year one (filers only provide XBRL instances of their face financials and Block Text tagging of the entire note texts). This meant that companies were required to file detailed XBRL documents involving Level 3 and 4 only in the 2nd year of their filing.