Friday, July 18, 2014

Some Thoughts on EFM 27, US GAAP 2014

by: Paul C. Bevins, Account Executive

The United States Securities and Exchange Commission (SEC) released version 27 of the EDGAR Filer Manual (EFM) on Monday, June 17, 2014. This latest version does not contain too many surprises, but there are some notable updates that affect your eXtensible Business Reporting Language (XBRL) filings.

First, you may not create extension concepts that have an instant periodType and non-numeric data type. Since filers are rarely required to file non-numeric facts – aside from a few pretty big exceptions like your name and big blocks of text, neither of which are instants – this new rule is likely an attempt by the SEC to reduce the number of extension concepts by eliminating those that are not required anyway. And for filers that wish to report the optional items that are non-numeric instant concepts, a simple work-around would involve creating a period that is one day in length.