SEC draws attention to common XBRL errors

12/14/2011 | Compliance Week

The Securities and Exchange Commission is asking companies to avoid some common mistakes when filing financial statements electronically using eXtensible Business Reporting Language tags. Companies are getting better at using the system, but still are making mistakes when it comes to functions such as reporting negative numbers or creating custom tags. Companies should prepare "future filings that are consistent with the themes of our observations," SEC staff wrote.

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