Ok, when exactly do I have to file my XBRL interactive data with the SEC? Let’s face it, this is a big expense, we need to prioritize our spending. In part One of this series, we addressed the question, Why should I care? Hopefully we are beyond that, and now it’s just a matter of getting it done at the right time (and the right price — see part Three).

The simple answer is Monday, August 15, 2011. for some panies the deadline might be as late as February 13, 2012. please nsider the caveat presented at the end of this article.

Now we are talking about the estimated 8,700 panies having mon stock with a market value of less than $75 million or. less than $50 million in revenue. The SEC requires these panies to file their XBRL interactive data for the first time this year.

Here’s how the SEC describes the deadline:

panies. will be subject to the same interactive data reporting requirements beginning with a periodic report on Form 10-Q. for a fiscal period ending on or after June 15, 2011.

To give an example: a pany with a 12/31 fiscal year end will plete its send quarter on June 30, 2011 and file its 10Q on or before August 15, 2011. The SEC requires that the XBRL interactive data be filed at the same time as the rest of the related report.. which is Monday, August 15.

The Grace Period

Page 24 of the SEC’s Final Rule 33-9002 then offers additional time for the first XBRL filing: The initial interactive data exhibit of a filer will be required within 30 days after the earlier of the due date or filing date of the related report.. So, ntinuing our example, Wednesday, September 14, 2011 bees the last day to file the XBRL interactive data. Beyond that date, nsequences apply (please see part One of this series).

A send example: a pany on a 6/30 fiscal year will plete its first quarter on September 30, 2011 and file its 10Q on or before November 14, 2011. The SEC XBRL requirement begins with the first 10Q after June 15, not the 10K. The Financial statements in interactive data format, therefore, are due on or before November 14, 2011 — with the grace period, as late as Wednesday December 14, 2011 (assuming the 10Q is filed on its due date).

Keep in mind that if you are proactive and file your 10Q before the due date, the grace period clock starts ticking when you file. That means that if you file your 10Q on, July 5, the XBRL interactive data filing bees due Thursday August 4 — that’s with the grace period.

Another requirement to keep in mind is that the SEC requires filer’s financial statements in interactive data format on its rporate Web not later than the end of the same day. make sure to plan time for posting the XBRL on your rporate web.

Deadline Caveat

Remember how things go as deadlines approach. Anxiety level increases; quality decreases; resources to get it done bee scarce and/or more stly. Filing agents know this and are trying to municate this to their customers.

If I may remend a strategy, my personal favorite is to avoid the deadline rush by starting now. take your current financials being filed (or recently filed) with the SEC and nvert them to XBRL. The first time is where most of the work is. you may file them with the SEC now or not. That’s up to you. when the real deadline hits in August, November, or February 2012, depending on your fiscal year, you are ready to roll out your interactive financial data with ease.

Final Example

Have you figured out how the it’s possible for a pany to not file its first XBRL interactive data until February 13, 2012? take a pany with an August 31 fiscal year end. its third quarter ends May 31. That is before June 15: too early for the SEC mandate to kick in. The first quarter for this pany ends November 30, 2011, and its 10-Q is due by January 14, 2012 (which is actually pushed off to January 17, 2012). Add the grace period, and you have February 13, 2012. (The grace period is unted from the January 14 due date.)

On an XBRL filing technical note, the question is asked about block tagging vs. detail tagging? Without getting into what it is, block tagging is what is required this year; detailed tagging es after a year of filing with block tagging. In other words, tune in next year for more on detail tagging. Let’s stay focused on what we have to do this year.