Even with extensive coverage of XBRL regulations and operations, I’ve noticed there are still some basic questions about XBRL that remain unanswered. At Edgar Agents, we constantly receive calls from companies that need clarification on many aspects of XBRL and our experienced filers are always ready to assist them. We have compiled a list of the most commonly asked questions and answers to help inform our current and potential clients about our in-house XBRL procedures.
Why is the MD&A section not mapped?
Although many financial documents contain an MD&A section, it is not required by the SEC to tag this data in XBRL. The MD&A section is a useful part of the annual report, especially for investors analyzing the fundamentals, management and management styles of a company, but the MD&A section is not audited.
Do I need to post my XBRL filings to my website?
The SEC requires companies to post the last 12 months of their XBRL filings onto their website. Edgar Agents makes this easy with our XBRL Widget. The Edgar Agents widget can be easily uploaded onto your website without in-house IT assistance, and ensures that XBRL filings are available on your website within 2 hours of filing with the SEC. And, all company filing information is automatically updated.
How can I reduce the amount of time it takes to get an XBRL draft?
Most clients feel XBRL adds to their work load since they have to review both XBRL and Edgar, but clients of Edgar Agents know that both our Edgar and XBRL departments have proofreaders onboard that review the work twice before submitting it back to a client. The chance of missing something is very minimal and the amount of review work is cut in half. Trusting your filer is key and utilizing some tips to speed up the process is also good practice.
Does Edgar Agents use third-party vendors to help with XBRL conversions?
No, all of our XBRL conversions are done by experienced Edgar Agent employees. Unlike other filing agents who outsource the XBRL and work with many different third party filing firms, we take the time to address each client’s specific needs. This streamlines the reporting process.
Do you have a specific timeline companies must follow?
We understand there are several factors associated with preparing financials and work with our clients to meet the tightest of filing deadlines. Our staff is available 24×7 at no extra cost. We can make changes up until the very last minutes – even on weekends and holidays.
Leveraging best practices, we recommend that clients send the initial draft 2 weeks prior to the deadline. This enables us to update XBRL files with SEC changes and map new data with the latest information since the client’s previous filing. As part of this process, our XBRL team selects new tags for new notes and sets up the proper XBRL formatting structure to prevent SEC filing errors.
How much will my XBRL cost?
Edgar Agents offers transparent billing practices with customized packaging and pricing for our clients and their budgets, and there are no extra charges for overnight or weekend jobs. Please contact Edgar Agents at info@edgaragents.com to learn more about our services.
Follow us on Twitter @EdgarAgentsLLC and our LinkedIn page.
No comments:
Post a Comment