XBRL Flash Report - July 2014

July 2014

On Monday, July 7, the SEC staff issued two documents of which XBRL filers should take note. These two documents are the first significant communications by the SEC staff on the quality of XBRL data, and they may indicate the staff's intention to focus more on the accuracy and quality of data in XBRL filings in the future. While it's too soon to know whether the SEC plans to begin issuing comment letters on XBRL data, registrants are advised to review their XBRL filings- not just for compliance with the rules, but also for the quality of the data, particularly with regards to the issues addressed in these documents.