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First Mandatory XBRL Filings

May 3, 2009

The first mandatory XBRL exhibits will be filed in the next quarter. Companies should have begun the process of tagging their data. Some lead time is required due to the time required to complete XBRL filings. The SEC estimates the lead times as follows:

  • 7 hours to block tag for each filing made during the first year under the requirements,
  • 70 hours to detail tag for the first filing made in the second year under the requirements; and
  • 35 hours to detail tag for each subsequent filing,
  • 1 hour to block tag for each filing made during the first year under the requirements,
  • 7 hours to detail tag for the first filing made in the second year under the requirements; and
  • 3.5 hours to detail tag for each subsequent filing,
  • 4 hours to post all interactive data submissions to company websites.

In the proposing release, the number of hours to detail tag the footnotes in the second year of the requirements was estimated at 100 hours for the first filing, and 50 for subsequent filings.

The Law firm Shulte, Roth and Zabel reminded us in an alert on April 23 (Alert) that an additional paragraph is required in our SEC filings beginning next quarter. A sample of the new paragraph is below.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ]

Are you ready for XBRL?

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