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. 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 file
COMMON SEC FILING ERRORS
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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 information
COMMON SEC FILING ERRORS
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8. XBRL STATUS
Public Companies Data Issues
XBRL Submissions
Filed
COMMON SEC FILING ERRORS
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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.
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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
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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 entity's XBRL-tagged data of information as of a specified date and for a specified
period.”
- American Institute of CPAs
AUP #1 Instance Properties AUP #5 Note Tagging Granularity
AUP #2 Tags Accurate & Consistent AUP #6 Labels & Linkbase
AUP #3 Extensions Analysis AUP #7 Calculations
AUP #4 Completeness of XBRL AUP #8 Presentation
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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.
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14. EXAMPLE ERRORS
Negative Values that should be positive
A Negative Debit = a Credit?
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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
negative
XBRL 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 negated
XBRL 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" />
Geek
COMMON SEC FILING ERRORS
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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 XBRL
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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 element's 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 filer's
ability to reuse the elements and data structures created in subsequent
reporting periods and reduce its future reporting effort.
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18. FINDING ERRORS
Unnecessary Extensions:
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19. EXAMPLE ERRORS
Unnecessary Extensions:
The Extension Element has
the same definition as us-
gaap_IncomeLossFromConti
nuingOperationsBeforeInco
meTaxesExtraordinaryItems
NoncontrollingInterest.
COMMON SEC FILING ERRORS
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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. FIXING THE ERRORS No really,
how do I
Unnecessary Extensions: fix that?
COMMON SEC FILING ERRORS
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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 value
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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
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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
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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
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28. FIXING THE ERRORS No really,
how do I
Decimals: fix that?
COMMON SEC FILING ERRORS
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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 process
COMMON SEC FILING ERRORS
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34. XBRL is less subjective - concept -
US GAAP ASC US GAAP TAXONOMY US GAAP REPORTING
RIVET 5
SOFTWARE
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 Cuenta
accountMainDescription accountMainDescription accountMainDescription
Amount Entry Amount Monto Monetario
amount amount amount
Posting Date Fecha de Asignación/Ingreso
PostDate postingDate postingDate
postingDate
