XBRL Office Hours - How to Maintain and Update an 8-K
Transcript of XBRL Office Hours - How to Maintain and Update an 8-K
XBRL Office Hours presents:
How to Maintain and Update an 8-K
Kim GreshamSenior Solutions Expert
Agenda
• Create a copy of an 8-K within Workiva
• Discuss best practices for editing an 8-K to maintain XBRL
• Review XBRL updates required for each 8-K
• Evaluate an 8-K for filing
Create a Copy of an 8-K
Copy (Beta)
•Creates a copy of a File or a Project
•If a Document is copied outside of a Project, it will not include any source links from other Files (ex: Spreadsheets or Workbooks)
•Maintains permissions set on Project and Files
•Best practice for including XBRL in 8-Ks is to copy a Project
Who Can Use Copy (Beta)?
A Full Account Admin can control People, Groups, Content, etc.
A Content Admin can import, export, copy, and delete files within a
Workspace or Account (V1/V2 licensing)
Content Admin
No visual changes shown in Home
Full Account Admin
Everyone can use Copy (Beta)(if Transition Tools is enabled)
Workspaces Classic Accounts
Getting Content into Workiva
•Draft content directly in Workiva
•Copy and paste content into copy of 8-K
•Word documents cannot be imported within an existing document
What Could This Process Look Like?
AdminFinancial Reporting
Legal
Best Practicesfor Editing the Cover Page
Editing Links with XBRL
• XBRL is applied to links
◦ Destination links should be updated at the source (Spreadsheet or Workbook)
◦ Source links should be edited in the document
• Deleting rows or columns in tables will delete XBRL
• Deleting links in narrative will disconnect XBRL
• Pasting information over unlocked links can delete links
◦ A warning should appear to tell you the links have XBRL
Warnings for Disconnecting XBRL
If XBRL is turned off . . .
Warnings for Disconnecting XBRL
If XBRL is turned on . . .
What Happens When a Link is Deleted?
Deleting links in narrative disconnects XBRL
Disconnected facts will not be included in filing
Editing Source Links
Text Source Links
Automatic, Number, and Accounting Source Links
TOAD CO MPANY, LLC.
Date of Report (Date of earliest event reported): August 5, 2019
8/5/2019
Edit by clicking inside the dotted lines1. Click inside the formula bar at the top
of the document
2. Click the green check mark to accept the new value
Demo of Editing a Cover Page
Required XBRL Updates
Updating XBRL Dates
The dates applied on the Cover Page should match the period of report
Concepts on the Cover Page will require a start date and an end date, which is often referred to as a duration
Using a One-Day Duration
A one-day duration concept will have a...start date of August 5, 2019 at 00:00 hours and an end date of August 5, 2019 at 24:00 hours
Financial Statements Are Included
• There are two concepts that are required to be applied if Financial Statements are being included in the 8-K:
1. Document Fiscal Period Focus
2. Document Fiscal Year Focus
◦ A Data Quality Committee (DQC) Error will fire when these concepts are included; this is a false positive based on our interpretation of the EDGAR Filer Manual (EFM)
• If financial statements are not included, these concepts should not be included.
(DQC) The number of days, 1 in the date range reported for (concept name), 2019-08-05 to 2019-08-05 is not consistent with the Document Fiscal Period Focus with a value of Q2.
Example of Data Quality Committee Error
How to Review and/or Resolve the Error
Financial Statements ARE included with the 8-K
Financial Statements ARE NOT included with the 8-K
Update the date applied to the concepts to use a 1-day duration that matches the report date
Remove the following concepts:1.Document Fiscal Period Focus2.Document Fiscal Year Focus
This will still result in a DQC error
Interpreting the EDGAR Filer Manual (EFM)
6.5.19 Required contexts
An instance covering a reporting period must contain a Required Context that is an xbrli:context having xbrli:startDate equal to 00:00:00 on the first day of the reporting period and xbrli:endDate equal to 24:00:00 on its last day.This rule defines “Required Context”. . . .
Summary: • Dates applied on the Cover Page should correspond to the reporting
period for the Form Type
6.5.20 The required contexts must contain all required document information facts
For each required Document Information element, an instance must contain a fact with that element and a contextRef attribute referring to its Required Context.
Interpreting the EDGAR Filer Manual (EFM)
XBRL Element Name Base Type Example Values
Document Type xsd:string 8-K
Document Period End Date (1) YYYY-MM-DD 2019-09-30
Amendment Flag xsd:boolean true
Amendment Description (2) xsd:normalizedString Correct the company HQ address
Document Fiscal Year Focus (3) YYYY 2021
Document Fiscal Period Focus (3) Q1, Q2, Q3, or FY FY
(1) Use the date of the report(2) A non-null fact should exist only if Amendment Flag is true(3) A non-null fact may exist for each of the fiscal year and period focus, or neither
Summary: The date applied to these concepts should use the date of the report on the 8-K
Demo of XBRL Updates
Evaluate an 8-K for Filing
Things to Consider
•Inline XBRL (iXBRL) is a Project setting
•Filing process and permissions
Make Sure iXBRL is Enabled
Using Copy (Beta) on a Project, rather than a Document, will maintain this setting from 8-K to 8-K
Filing Wizard
• The Filing Wizard is associated with a Project
• Test Filing with Workiva's credentials does not require reaching out to your Customer Success Manager
• Check your permissions in advance of Filing
Who Can File?
Workspaces with Solution Based Licensing (unlimited users)A user should have both an Editor and Filing role applied
Workspaces with LicensesA user will need a Professional License assigned at the Organization level and an Editor and Filing Role applied at the Workspace level
Thank You!