COMMON ERRORS INSEC FILINGS
DISCLAIMER     “The views expressed during this presentation are my     own and do not reflect those of my employer or its...
AGENDA          1. Why does the correctness of XBRL matter          2. Reviewing the SEC staff observations          3. Id...
BENEFITS OF XBRL      Financial data no longer hidden within paper       documents or electronic versions      Quickly a...
USERS OF XBRL                  YOU!COMMON SEC FILING ERRORS 6
HERE IS HOWCOMMON SEC FILING ERRORS 7
SEC INTERACTIVE DATA PROGRAMCOMMON SEC FILING ERRORS 8
XBRL STATUS     Public Companies                      Data Issues                        XBRL Submissions            Filed...
SEC LIMITED LIABILITY PROVISION      Beginning 24 months after a company was first required to submit XBRL instance docume...
XBRL STATUS TIMELINE Limited liability no longer applies for some public companies from August 2011. By August 2013, Limit...
AICPA STATEMENT OF POSITION 09-1 “This SOP provides practitioners with guidance on performing agreed-upon procedures engag...
SEC STAFF OBSERVATION      Negative Values:  Although numbers shown in the HTML attachments of an EDGAR submission  may be...
FINDING ERRORS      Reviewing Negative Values:COMMON SEC FILING ERRORS 14
EXAMPLE ERRORS      Negative Values that should be positive                       A Negative Debit = a Credit?COMMON SEC F...
FIXING THE ERRORS                                                                       No really,                        ...
AVOIDING THE ERRORS                                                    No really,                                         ...
SEC STAFF OBSERVATION      Unnecessary Extensions:  Extending where an existing US GAAP Taxonomy element is appropriate. W...
FINDING ERRORS      Unnecessary Extensions:COMMON SEC FILING ERRORS 19
EXAMPLE ERRORS      Unnecessary Extensions:                                The Extension Element has                      ...
FIXING THE ERRORS                                                                           No really,                    ...
FIXING THE ERRORS              No really,                                how do I      Unnecessary Extensions:   fix that?...
SEC STAFF OBSERVATION      Completeness of Tagging:  Filers should ensure that parenthetical amounts on the financial stat...
FINDING ERRORS      Completeness of Tagging:Rendering of XBRL                   HTML                           Home office...
AVOIDING THE ERRORSCOMMON SEC FILING ERRORS 25
SEC STAFF OBSERVATION      Decimals:  Filers should follow the decimals attribute table in EFM 6.6.32 to ensure that  the ...
FINDING ERRORS      Decimals:COMMON SEC FILING ERRORS 27
FIXING THE ERRORS                                                No really,                                               ...
FIXING THE ERRORS         No really,                           how do I      Decimals:            fix that?COMMON SEC FILI...
AVOIDING ERRORS               Automate as much as possible               For areas that require manual               revie...
QUESTIONS?COMMON SEC FILING ERRORS 31
ADDITIONAL         EDUCATIONCOMMON SEC ERRORS 32
Barcodes Proposed in 1932   Used in Retail 1974COMMON SEC                                5ERRORS
RIVET      4SOFTWARE
XBRL is less subjective       - concept -US GAAP ASC    US GAAP TAXONOMY   US GAAP REPORTING   RIVET                      ...
EVERY SYSTEM  AS XBRL       System 1                 System 2                    System 3      XBRL GL                  XB...
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Common SEC Reporting Errors

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Common SEC Reporting Errors

  1. 1. COMMON ERRORS INSEC FILINGS
  2. 2. DISCLAIMER “The views expressed during this presentation are my own and do not reflect those of my employer or its clients.”COMMON SEC FILING ERRORS 3
  3. 3. AGENDA 1. Why does the correctness of XBRL matter 2. Reviewing the SEC staff observations 3. Identifying and Fixing Errors in XBRL 4. How to avoid them before you fileCOMMON SEC FILING ERRORS 4
  4. 4. BENEFITS OF XBRL  Financial data no longer hidden within paper documents or electronic versions  Quickly and easily discover facts  Automated is better than manual  Gain access to benchmarking informationCOMMON SEC FILING ERRORS 5
  5. 5. USERS OF XBRL YOU!COMMON SEC FILING ERRORS 6
  6. 6. HERE IS HOWCOMMON SEC FILING ERRORS 7
  7. 7. SEC INTERACTIVE DATA PROGRAMCOMMON SEC FILING ERRORS 8
  8. 8. XBRL STATUS Public Companies Data Issues XBRL Submissions FiledCOMMON SEC FILING ERRORS 9
  9. 9. SEC LIMITED LIABILITY PROVISION Beginning 24 months after a company was first required to submit XBRL instance documents, the SEC’s modified-liability provisions will no longer apply to submissions of XBRL-tagged financial information. The 24-month period will end August 10, 2011, for large accelerated filers first required to submit XBRL-tagged financial information for financial statements in a Form 10-Q for the fiscal period ended June 30, 2009. XBRL-tagged financial information submitted after the provisions expire will be considered filed and not furnished and, therefore, be subject to the same level of liability as other information included in the registration statement or periodic report that includes the XBRL instance document.COMMON SEC FILING ERRORS 10
  10. 10. XBRL STATUS TIMELINE Limited liability no longer applies for some public companies from August 2011. By August 2013, Limited Liability will expire for most public companies. LIABILITY After Limited Liability expires, XBRL financial information filed will be subject to the same level of liability as other financial information filed.COMMON SEC FILING ERRORS 11
  11. 11. AICPA STATEMENT OF POSITION 09-1 “This SOP provides practitioners with guidance on performing agreed-upon procedures engagements that address the completeness, accuracy, or consistency of an entitys XBRL-tagged data of information as of a specified date and for a specified period.” - American Institute of CPAsAUP #1 Instance Properties AUP #5 Note Tagging GranularityAUP #2 Tags Accurate & Consistent AUP #6 Labels & LinkbaseAUP #3 Extensions Analysis AUP #7 CalculationsAUP #4 Completeness of XBRL AUP #8 PresentationCOMMON SEC FILING ERRORS 12
  12. 12. SEC STAFF OBSERVATION Negative Values: Although numbers shown in the HTML attachments of an EDGAR submission may be presented as negative, they should almost always be entered as positive numbers in the XBRL instance attachment. Checking the validity of negative values cannot be done from the rendered copy of the XBRL financial statements. “LINK” Data entered into the interactive data file with the incorrect positive/negative value gives the wrong value to users of the tagged data and does not comply with Rule 405 of Regulation S-T. Amounts must not be entered with negative values in an interactive filing for the sole purpose of forcing the amounts to render with brackets. (Edgar Filer Manual (EFM) 6.11.6) Filers should be aware that formatting amounts with or without brackets may be controlled by negating labels in the Interactive Data Financial Statements.COMMON SEC FILING ERRORS 13
  13. 13. FINDING ERRORS Reviewing Negative Values:COMMON SEC FILING ERRORS 14
  14. 14. EXAMPLE ERRORS Negative Values that should be positive A Negative Debit = a Credit?COMMON SEC FILING ERRORS 15
  15. 15. FIXING THE ERRORS No really, How do I how do I Negative Values that should be positive fix that? fix that? Remove the needs to be a debit to make it a positive for XBRL Depreciation negativeXBRL Instance <us-gaap:Depreciation contextRef="Apr-04-2010_Apr-02-2011" unitRef="USD" decimals="- - 5">168700000</us-gaap:Depreciation> 5"> 168700000</us-gaap:Depreciation> . Use a negatedXBRL Presentation File label to make it That just seems too technical and present as a <loc xlink:type="locator" xlink:href="http://taxonomies.xbrl.us/us-gaap/2009/elts/us- hard to manage! negative gaap-2009-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_Depreciation" /> <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_IncomeStatementAbstract" xlink:to="loc_Depreciation" order="19.99996" use="optional" XBRL preferredLabel="http://www.xbrl.org/2003/role/negatedLabel" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" /> GeekCOMMON SEC FILING ERRORS 16
  16. 16. AVOIDING THE ERRORS No really, how do I Negative Values that should be positive fix that? Depreciation needs to be a debit to make it a positive for XBRLCOMMON SEC FILING ERRORS 17
  17. 17. SEC STAFF OBSERVATION Unnecessary Extensions: Extending where an existing US GAAP Taxonomy element is appropriate. We noted cases of extensions where appropriate elements exist but filers did not identify the appropriate element, perhaps due to insufficient or incomplete searching. Extending because of relatively minor addition(s) to or deletion(s) from the US GAAP taxonomy standard definition. We noted that some filers had made extensions for relatively minor changes to the standard elements definition. “LINK” Defining a new, company-specific element has many consequences, not only for all users of the Interactive Data Financial Statements but also for the filers ability to reuse the elements and data structures created in subsequent reporting periods and reduce its future reporting effort.COMMON SEC FILING ERRORS 18
  18. 18. FINDING ERRORS Unnecessary Extensions:COMMON SEC FILING ERRORS 19
  19. 19. EXAMPLE ERRORS Unnecessary Extensions: The Extension Element has the same definition as us- gaap_IncomeLossFromConti nuingOperationsBeforeInco meTaxesExtraordinaryItems NoncontrollingInterest.COMMON SEC FILING ERRORS 20
  20. 20. FIXING THE ERRORS No really, How do I how do I Unnecessary Extensions: fix that? fix that?XBRL Instance <us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments <abc:EarningsBeforeIncomeTaxes contextRef="D2012Q3YTD" decimals="-3" id="Fact- contextRef="D2012Q3YTD" decimals="-3" id="Fact-4AF8C4A9F93C0D6BFFDAC9DF6C603201" unitRef="usd">863962000</us- 4AF8C4A9F93C0D6BFFDAC9DF6C603201" unitRef="usd">863962000</abc:EarningsBeforeIncomeTaxes> gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments> XBRL XBRL Extended Taxonomy XBRL Label File Geek XBRL Presentation File XBRL Calculation File XBRL Definition File COMMON SEC FILING ERRORS 21
  21. 21. FIXING THE ERRORS No really, how do I Unnecessary Extensions: fix that?COMMON SEC FILING ERRORS 22
  22. 22. SEC STAFF OBSERVATION Completeness of Tagging: Filers should ensure that parenthetical amounts on the financial statements and monetary amounts found in subscripted text are tagged. Examples of these are the Allowance for Doubtful Accounts and endnotes to tables that contain financial information. Section 6.6.22 of the EDGAR Filer Manual requires that these amounts be tagged. We have also noticed some filers failing to include a calculation linkbase with their submissions. EFM Section 6.15.2 requires calculation linkbases. Additionally, we continue to notice filers tagging numerical amounts written as text with string type elements. Some examples are “seven hundred,” “two thirds,” and “one percent.” Filers should tag these amounts with a numerical value rather than a string valueCOMMON SEC FILING ERRORS 23
  23. 23. FINDING ERRORS Completeness of Tagging:Rendering of XBRL HTML Home office and stores During the three months ended March 31, 2012 and March 31, 2011, we recorded $45 million and $1 million, respectively, of costs associated with employee termination benefits for actions to reduce our store and home office expenses. For the remainder of 2012, our current estimate is to incur between $60 million to $80 million of additional charges related to this restructuring activity.COMMON SEC FILING ERRORS 24
  24. 24. AVOIDING THE ERRORSCOMMON SEC FILING ERRORS 25
  25. 25. SEC STAFF OBSERVATION Decimals: Filers should follow the decimals attribute table in EFM 6.6.32 to ensure that the tagged amounts accurately reflect the rounded values reported in their financial statements. We have noted some filers incorrectly used a "0" decimals attribute for earnings per share rounded to cents when they should have used a "2" decimals attribute instead. EFM 6.6.32 The value of the decimals attribute of a fact must correspond to the accuracy of the corresponding amount as reported in the official HTML/ASCII document.COMMON SEC FILING ERRORS 26
  26. 26. FINDING ERRORS Decimals:COMMON SEC FILING ERRORS 27
  27. 27. FIXING THE ERRORS No really, How do I how do I Decimals: fix that? fix that?XBRL Instance Incorrect <dei:EntityPublicFloat contextRef="c20110630" unitRef="U001" decimals="-9">7399937572000000000</dei:EntityPublicFloat> XBRL Geek Correct <dei:EntityPublicFloat contextRef="c20110630" unitRef="U001" decimals=“0">7399937572</dei:EntityPublicFloat> COMMON SEC FILING ERRORS 28
  28. 28. FIXING THE ERRORS No really, how do I Decimals: fix that?COMMON SEC FILING ERRORS 29
  29. 29. AVOIDING ERRORS Automate as much as possible For areas that require manual review, define and document processes that address risk areas Bring auditors or other experts into the review processCOMMON SEC FILING ERRORS 30
  30. 30. QUESTIONS?COMMON SEC FILING ERRORS 31
  31. 31. ADDITIONAL EDUCATIONCOMMON SEC ERRORS 32
  32. 32. Barcodes Proposed in 1932 Used in Retail 1974COMMON SEC 5ERRORS
  33. 33. RIVET 4SOFTWARE
  34. 34. XBRL is less subjective - concept -US GAAP ASC US GAAP TAXONOMY US GAAP REPORTING RIVET 5 SOFTWARE
  35. 35. EVERY SYSTEM AS XBRL System 1 System 2 System 3 XBRL GL XBRL GL XBRL GL Account# Account Number accountMainID Identificador de la Cuenta accountMainID accountMainID Description Account Description Descripción Principal de la CuentaaccountMainDescription accountMainDescription accountMainDescription Amount Entry Amount Monto Monetario amount amount amount Posting Date Fecha de Asignación/Ingreso PostDate postingDate postingDate postingDate

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