Colonial


XBRL Filings

Colonial Stock Transfer's XBRL filing service is a full service solution that provides conversion of your company's financial statements and notes to financials into XBRL formats that are compliant with the SEC, US GAAP, and IFRS taxonomies. Because our service is all-inclusive, you do not need to buy software or hire and train new staff. We do not have hourly fees or hidden charges. You can take advantage of the cost savings while our dedicated project managers host and manage your XBRL filing from start to finish.

For more information fill out our Contact Us Form or call 801-355-5740.

Corporate XBRL Filing Services:

  • Mapping Documents: Analyze & identify the appropriate taxonomy categories for your financial statements and notes for US GAAP and IFRS taxonomies. Perform an analysis for the creation of extension taxonomy elements.
  • Tagging and Validation Services: We tag and create a valid instance document and other related files.
  • Mapping Report: Provide a comprehensive Mapping Report for corporate accountant's for your review, feedback and approval
  • Incorporating revision requests: We incorporate any element change requests or change in source information at no extra cost.
  • Review Services: We provide our expert advice on the quality of your XBRL document.
  • Our fully validated files would then be ready for onward submission to the appropriate audience, including the SEC's HTML files.
  • Forms we file include: 10-Q, 10-K, 20-F, 40-F, 8-K, Registration Statements, etc.
  • Services offered to: corporations, financial printers, law firms, public accountants.

Mutual Fund Filing Services:

 

We offer the following services to Mutual Fund registrants who need to file their regulatory statements under Rules 485 and 497 with SEC in XBRL format:

  • Risk / Returns summary in XBRL format
  • Professional review of tagged XBRL reports
  • Prospectuses, registration and annual reports in EDGAR/HTML formats
  • Services offered to: Mutual Funds, Financial Printers, Law Firms and Public Accountants.

What is XBRL?

XBRL (eXtensible Business Reporting Language) is a standard programming language used to exchange and disseminate corporate reporting information. XBRL is XML-based, using XML syntax and other XML technologies to create unique, predefined data tags (like barcodes) identifying the information's content and structure. In the U.S., the SEC requires reporting companies to tag financial statement line items and financial notes and schedules with pre-specified taxonomies (GAAP, Mutual Funds, NRSRO, IFRS).

The SEC mandate is proposed to increase the speed at which investors will be able to manipulate and compare data across companies and industries. XBRL files will be downloadable into spreadsheets, for easy manipulation of data, thereby giving more efficiencies to the financial markets. This will increase the transparency of smaller reporting companies to the financial markets. So what does it mean that all public companies will have to use XBRL? The SEC has a proposed plan, whereby public companies according to size will be mandated to file with XBRL formatting as of certain dates.

Users of XBRL include regulators such as the Federal Deposit Insurance Corporation (FDIC), Securities and Exchange Commission (SEC), Committee of European Banking Supervisors (CEBS), and the HM Revenue & Customs (HMRC). Countries that have been mandated to use XBRL include: China, Japan, Israel, Korea, Netherlands, Singapore, Spain, and the U.S. XBRL is expected to be the global reporting and communication language by 2020.

Mandate Timeline

The SEC XBRL mandate will occur in two stages as follows:

1st Stage: (first year) During the first year of filing XBRL, companies will be required to detail tag financial statements and block tag footnotes.

2nd Stage: (second year) In the second year of filing XBRL, companies will be required to detail tag both financial statements and footnotes.

Click on the picture below to see when your company is required to comply.

xbrl mandate

XBRL Tagging Requirements

Effective June 15, 2012, all filers are now required detail tag financial statements and notes.

Financial Statements: Each line item and number needs to have its own tag with corresponding context periods and unit precisions, including parenthetical data.

Notes to Financials: SEC Rule 405 of Regulation S-T requires filers to detail tag the footnotes as follows (Levels 2-4):

Level 1- Each footnote must be block tagged (Level 1).
Level 2- Each significant accountant policy within the footnotes must be block tagged.
Level 3- Each table within each footnote must be block tagged.
Level 4- Within each footnote, each numerical value (in text and tables) must be detail tagged as done in the financial statements.

A 30-day grace period is applicable to all first time filers of detail tagging of the notes.

To learn more about your XBRL detail tagging requirements, click here.

Limited liability clause

Under Rule 406T, SEC exempts filers from any liability based on XBRL data submission for 24 months after the first submission. The limited liability provision terminates entirely as of October 31, 2014.

Required Forms

Filers are required to file all documents in HTML or ASCII, however not all forms are required to be filed in XBRL. Here are some of the forms that are required to be filed in XBRL:

  • Periodic and transition reports on Forms 10-Q, 10-K, 20-F, 40-F
  • Forms 8-K or 6-K that contain revised or updated financial statements
  • Restatements
  • Securities Act registration statements (not IPOs) that contain financial statements

See also: SEC Release 33-9002, The required filings disclosure can be found on pages 65-69 (Section II, B, 3- b, c, and d).

 

You may need to consult your attorney for specific exemptions.

 

Filing Overview

XBRL is based on XML code (as seen below) that pulls data from multiple taxonomy subcategories and submission information to comprise instance documents, taxonomy schemas and linkbases, which are all put together to comprise one XBRL filing submission.

xbrl filing xml schema

Step 1- Taxonomy Creation: To initiate the filing process, our XBRL team extracts your financials and notes to financials from your last HTML filing or latest Excel or Word document. After extraction, each category line item in the financials will then be detail tagged with references to period dates, units, and taxonomy line item categories. After financials have been tagged, the notes to financials will need to be either block tagged (year 1 requirements) or detail tagged (year 2 requirements).

Step 2- Taxonomy Review: Once a taxonomy for a company has been created and mapped, it is submitted to the company for review. The company can then approve or reject each line item that has been tagged. At this time, it is important to ask questions about selections of tags that you are unsure about. Once all of the items have been approved, the filing can then be previewed on the SEC's XBRL viewer website before filing.

Step 3- Taxonomy File Submission: XBRL files are attached as exhibits to the HTML submission and submitted simultaneously with the HTML files to the SEC. Below is a sample of how the documents will appear on the SEC website.

sec edgar website

Website Posting

Companies must post the XBRL data files on their public website the same day after filing or by the required filing deadline. This data must be posted on their site for 1 year.

Your Next Step

Don't wait until your required deadline or you may be unprepared.

  • We recommend contacting your EDGAR agent in advance to begin preparing for your filing.
  • Schedule a web conference with Colonial to go over the requirements and filing process.

We are very confident that we will be able to save you money, and more importantly provide professional, accurate, and prompt filing services to meet your expectations. We guarantee to take the stress out of filing with our easy-to-use filing service.

  • We offer an easy-to-use auto-tag and proof review method for your accountants to review final tagging and make changes as necessary.
  • Once your XBRL document is ready to be filed, we will load it onto your EDGAR HTML filing submission to be filed.
  • The SEC requires the XBRL files to be posted on the company's website. We provide these files for posting.

For more information or to setup a demo today, please contact us at (877) 285-8605 or edgar@colonialstock.com.

Colonial can assist you with your XBRL filing today!
Call us Toll-Free at: (877) 285-8605.

 

 

 

 

 


 

 

 

Colonial Stock Transfer Company, Inc. is a stock transfer agent regulated by the Securities & Exchange Commission.

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