Our initial effort at tagging and furnishing an XBRL document to the SEC consumed approximately 80 hours of an employee’s time. But to adequately evaluate this commitment, it is necessary to understand the scope and context of the effort. The hours included not only the time to tag the underlying document, but also the time to learn how to use the tagging tool, understand the requirements for filing under the SEC’s VFP, create tags that did not exist in the standard taxonomy, and to build a process that would allow the ongoing tagging and filing of documents. Our current effort to tag and file an 8-K earnings release is down to approximately four hours now that the learning curve has been eliminated. |
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