How much time and money you invested in XBRL tagging?

[Ilija Šuša]

I wish to ask all those who have the experience with filling in XBRL reports to share with us their experiences regarding this question. How much time and money you spent for the initial filling of XBRL reports and after that for the subsequent reports?

[Mark Miller]

Ilija,

If you're in the UK, it's probably wisest to outsource your requirements to an iXBRL managed tagging service such as datatracks.co.uk for the time-being. Since it's backed by real humans, you're more likely to get a sensible document out of their online interface. I guess that they're rather inexpensive too. Check it out.

Mark

[[e-mail]]

Ilija, the first filing is always the one with the steepest learning curve and the one in which an organization puts thru the most rigourous review process - which makes it the most resource intensive as almost every level of the organization needs to review the document to build an internal level of trust in the process. So regardless of whether you outsource the tagging or use one of the many fine products do it in house, expect to spend a significant amount of time educating legal, corporate communication, controllers, external reporting managers, COO, and even your CEO on the process.

Diane