A major milestone in the SEC’s XBRL mandate will be achieved in August.It will be the first time that all panies with a 12/31fiscal year-end date will be required to submit XBRL exhibits with their send quarter 10-Q.While all Large Aelerated Filers (LAF)panies were required to submit XBRL exhibits after June 15,2010,all remaining filers,including smaller reporting panies will now also be required to begin submitting these exhibits.

The Securities and Exchange mission’s XBRL mandate grouped all public panies into three groups,or tiers,based on their filing status.The first tier,Large Aelerated Filers (LAF)with a public float over $5Billion (approx.500panies)were first required to begin submitting XBRL exhibits back in 2009.In 2010,all remaining LAFs were phased into the XBRL mandate (approx.1,000panies).This year,approximately 7,000panies will begin submitting XBRL exhibits.Each of these groups will be addressing a new aspect of the rules.

Tier Three:All non-LAF panies are in this group.For the first twelve months after June 15,2011,these panies are required to tag all line items in their primary financial statements and “block”tag their footnotes and schles.Ideally,in preparation for the XBRL requirements with their send quarter 10-Q filing in late August,they have already pleted their selection of their tags that aurately reflect the acunting ncepts behind each line item in their primary financial statements,and went through a “practice run”with their last 10-Q filing in May.This would give them a good idea as to the impact that this additional requirement will have on their filings.It is important to remember that these panies will still have to file their documents in the HTML or ASCII format,and that they will have to allow for more time to create the XBRL format.Therefore,they will have to put “pencils down”earlier than they may have been austomed to in the past.

Tier Two:LAF panies that have a public float under $5Billion fall into this category,and they began submitting XBRL exhibits last year in 2010.As of June 15,2011,they are now required to begin tagging their footnotes and schles on a detailed level.Besides tagging their primary financial statements,they will also be required to tag:

·All Acunting policies in the Significant Acunting Policies Footnote

·Each table within each footnote as a separate block of text

·Within each footnote,each amount (i.e.moary value,percentage,and number)separately

This additional tagging requirement will substantially increase the number of tags required in the XBRL exhibits and the amount of time required to create them.panies required to submit these detailed tagged XBRL exhibits will need to know just how much additional time is required to create them with the additional tags.On average,the jump in the number of tags from the first year is 150tags to 900.

Tier One:The LAF panies that have been submitting XBRL exhibits since 2009,and began tagging their footnotes and schles on a detailed level last year,will now lose their limited liability protection for filings after June 15,2011.The SEC rules allowed this limited liability protection for 24months after a registrant was phased into the XBRL mandate.This clause in the rules provided protection against federal securities laws if the XBRL exhibits did not ply with the XBRL rules,as long as it was deemed that the pany did not deliberately attempt to mislead the public.Unfortunately,this is quite vague,and these panies should discuss this with their Auditors and Legal unsel.

So while the SEC’s XBRL mandate has a multi-year phase-in of the requirements;at this point all panies that have SEC filing requirements are now required to submit XBRL exhibits when they are filing new financials.