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EFM 6.5.40 - DEI Elements XBRL Validation Warning

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As you might have heard, under the changes found in the new EFM 6.5.40 ruling, there are new DEI elements that are required in the 2018 taxonomies. This change focuses on certain specified values included in filing submissions through the EDGAR system in comparison with the fact values for the corresponding DEI elements.

Below is an example validation message that you will run into this quarter surrounding the new DEI requirements.

What does this mean for you?

If you’re filing with the 2017 Taxonomy:

  • Note that you WILL also receive a filing warning. This is an SEC bug that occurs on all 2017 filings and there is nothing a filer can do to resolve it. We believe the SEC is working to resolve this issue and we’ll keep you informed if and when that happens.

  • You can ignore these validation messages. The new elements associated with EFM 6.5.40 are only applicable when filing with the 2018 Taxonomy.

If you’re filing with the 2018 Taxonomy:

  • You will need to address these messages to meet the new DEI requirements. You can walk through these Warnings by right-clicking on the Warning and selecting View Detailed Information.

Our guidance

  • Do NOT extend for new DEI items in 2017 taxonomy.

  • We would NOT recommend migrating taxonomies within two weeks of your filing date.

As always, feel free to ask us any questions you have. Happy tagging in the meantime. Thanks!

-Angie Kooiker, Vice President of Professional Services
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Comments

2 comments

Date Votes
  • Tamara Hergert

    I've checked with our CSM and here is how to resolve these warnings:

    You should add two new rows to the DEI section and put a “false” as a value for these two line items, if you are not a Small business or an Emerging growth company. Use dei:EntitySmallBusiness and dei:EntityEmergingGrowthCompany tags to tag the new concepts. If you want to read the SEC ruling and figure out if your company falls in a Small Business or an Emerging Growth Company category, read this ruling https://www.sec.gov/rules/final/2017/33-10332.pdf

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  • Mike
    That is correct, Tamara, for the 2018 taxonomy, you'd need to tag both items to address the issue. Furthermore, you'd want to also make sure you are including the tag dei:EntityFilerCategory as well, which you should already historically be tagging.


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