Important questions for SEC filers
- Who is responsible for the filing?
- Does my XBRL document comply with SEC guidelines?
- Can I test my financial statements against the XBRL Consistency Checks?
- Are my calculations correct?
- Have I used label overrides appropriately?
- Do I need to understand XBRL?
- How can I show that my DCPs incorporate a document review?
Who is responsible for the filing?Whether your XBRL documents are developed internally or by an outsourced provider, it is the responsibility of management to ensure that your company's disclosures are accurately represented and conform to the SEC's filing requirements as specified in the EDGAR Filer Manual.
Does my XBRL document comply with SEC guidelines?Regardless of whether the mandate affects you this year or in the future, there is no doubt that compliance is critical. Magnify®, our desktop XBRL document review tool, allows you to review how closely your interactive data submissions reflect your financial disclosures and enables you to comply with published SEC guidelines.
Can I test my financial statements against the XBRL Consistency Checks?You can now apply additional quality checking to your financial disclosures by subscribing to the XBRL Consistency Suite, provided by XBRL US. Magnify® now includes support for the XBRL Consistency Suite, which contains a set of 6,000 Consistency Checks that can be accessed directly from within Magnify to highlight any issues relating to the use of the XBRL US GAAP taxonomy.
Are my calculations correct?It is an SEC requirement that all possible calculations be reported. With Magnify® automatically highlighting any inconsistencies, you can review at a glance the calculations applied to your report and check their accuracy.
Have I used label overrides appropriately?SEC guidelines require filers to provide label overrides for concepts in the US GAAP taxonomy, so that labels used match those on your financial statements. Magnify® lets you review all label overrides, referencing both the original label and the underlying concept description, so you can ensure that your label overrides are appropriate.
Do I need to understand XBRL?With its easy to use, intuitive interface Magnify® is designed primarily for the business user. Running on your desktop PC, Magnify hides the technical complexity of XBRL, letting you focus on reviewing the content of your disclosure.
How can I show that my DCPs incorporate a document review?A fundamental aspect of the Magnify® review is the checklist, which provides clear evidence of the content of the review process. This checklist can be incorporated into your Disclosure Controls Procedure, regardless of whether your documents are developed internally or by a financial printer.
Please contact our US partner Rivet Software if you have additional questions about how Magnify can help you prepare your SEC filing.