DisclosureNet published a very nice presentation titles Common XBRL Misconceptions. Here is a summary of those misconceptions. Check out the presentation as it is nicely done and provides necessary details for understanding the XBRL misconceptions and the reality:
- XBRL Misconception #1: When unsure about which standard tag to use, create an extension tag.
- XBRL Misconception #2: Outsourcing XBRL tagging is the best option.
- XBRL Misconception #3: XBRL makes companies too transparent.
- XBRL Misconception #4: SEC penalties for XBRL non-compliance aren’t a concern.
People are starting to recognize that the crackdown is coming.