Companies who are required to implement XBRL reporting have essentially two choices in executing the process. They can do the work in-house, or outsource the project.
Companies who decide to use internal resources to complete their XBRL reporting should be prepared to:
- Establish the internal team responsible for the work, which will generally include representatives from external reporting, legal, IT and investor relations.
- Review all applicable SEC rules.
- Purchase and become proficient in using special XBRL software.
- Become familiar with the EDGAR filer manual, Vols. 1-3.
- Become familiar with the XBRL Preparer’s Guide.
- Identify and review the proper taxonomy.
- Map, tag and then validate the taxonomy to create an instance document.
- Review and validate that document.
- File the data compliantly with the SEC
A second choice is to outsource the work to companies experienced in XBRL reporting. Merrill Corporation offers a complete and comprehensive XBRL solution that delivers an accurate representation of our client’s financials. We can provide the preparation, coordination and filing services required for XBRL compliance.
Merrill’s XBRL team can also expedite your time on the learning curve by helping you answer the primary questions you’ll confront when creating your response to the SEC’s business reporting and filing standards.
If you’d like to speak to a Merrill Corporation XBRL expert to learn more, please contact us at: firstname.lastname@example.org or via phone at 866.399.3770.