DisclosureNet: Common XBRL Misconceptions

Friday, June 14, 2013 at 08:04AM
Charlie

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.

Article originally appeared on XBRL-based structured digital financial reporting (http://xbrl.squarespace.com/).