XBRL: Managing Your Increased Risk
During your first two years of filing using eXtensible Business Reporting Language (XBRL), the Securities and Exchange Commission (SEC) offered limited liability or litigation relief, and filers needed only to demonstrate a “good faith” effort to provide XBRL that matched the HyperText Markup Language (HTML) versions of the filings. Now that the two-year window has expired, your XBRL filings carry the same level of liability as the traditional HTML version of the filings.
While the SEC has not mandated "audit" of the XBRL, you now carry additional liability if there are errors in the XBRL, if information in the SEC Form 10-K or SEC Form 10-Q is not included in the XBRL, or if additional information is included in the XBRL but not in the HTML filings.
This webinar discusses the SEC’s XBRL program, the types of errors and issues seen in XBRL filings, and possible ways to reduce your risk in the post-litigation relief period.
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