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What are the major XBRL reporting updates and what do they mean for your next filing? In a recent webinar now available on-demand, Preparing for a Successful Reporting Season: Important Updates for XBRL Reporting, Broadridge's Campbell Pryde, President and CEO of XBRL U.S., and Lisa Cousino, Director of XBRL Consulting Services, discuss updates, including:
The new SEC Reporting Taxonomy (SRT) will drive higher level of re-tagging
If you are upgrading to the 2018 US GAAP Financial Reporting Taxonomy this year, you will need to do more retagging to update elements moved to the SRT. Here’s what you need to know:
How ASC 606 for Revenue Recognition will impact your XBRL filing
One essential element that has changed is the revenue subject to the new accounting guidance will no longer be tagged with individual line-item elements. These amounts will now be tagged dimensionally with members based on the way in which each filer disaggregates revenues. This means that you will need to re-tag the income statement and related balance sheet accounts. If you are adopting the new accounting standard using the modified retrospective method and are not restating prior reporting periods, you should still tag values for prior periods with the same element as the current year and not use two different elements.
New requirement to disclose remaining performance obligations under ASC 606
The FASB has introduced a new type of dimension called a typed dimension. You will need to tag values for remaining performance obligations using a typed dimension for the start date of each remaining performance period. You will also need to indicate the time duration for each of these performance periods. If you report a period called thereafter, you will need to tag the duration for this performance time period with a nil value. When creating your XBRL filing, do not use elements located in Section 440000 within the US GAAP taxonomy if you are using elements from Section 606000. There will be new DQC rules to check for this in filings.
SEC requires that IFRS filers now report in XBRL
Under the original rules from the SEC, IFRS filers were required to submit XBRL files. However, they were given an exemption until the SEC approved an IFRS Taxonomy. The SEC approved the IFRS Taxonomy in March 2017 for fiscal years after December 31, 2017. In the first quarter of 2018, IFRS filers began reporting to the SEC. Over 250 filings have been made so far this year that provide a good amount of data to analyze for trends. XBRL US has made DQC rules available for IFRS filings. There were many basic errors occurring in IFRS filings and filers should run the DQC rules that are available. XBRL US will continue to update these rules to improve the quality of XBRL data.
What’s the latest on Inline XBRL?
Inline XBRL is a format that allows filers to embed XBRL data directly into an HTML format. The idea behind this is to make it easier for investors and others to consume the data and increase the use of XBRL. To date, over 400 filings have been made in inline XBRL as part of the SEC’s voluntary program. We anticipate the SEC will mandate it in the next 12 months.
Inline XBRL is not a one-off thing that is only affecting the United States. The European Securities and Markets Authority (ESMA), the securities regulator in Europe, has indicated that they will also move to adopt inline XBRL by 2020. It is the way the industry is moving.
View the webinar to understand these changes and how to make the necessary updates.