Single Source Document for 10-Q and 10-K?
A few quarters ago, my team combined our two separate workbooks for our 10-Q and 10-K into a single source workbook, so we now have one workbook linked out to both our 10-Q and 10-K. After speaking with our CSM, we are now exploring the idea of doing the same for our 10-Q and 10-K documents where we will have one primary document, adding and hiding sections/XBRL as needed. Has anyone already done this? If so, what are some of the best practices you found for the process? Did you run into any significant issues or problems you weren't expecting?
-
We've used one document for both our 10-Q and 10-K for several years now. There's benefits and drawbacks to either approach. Our largest benefit with using the same document is having the document be current throughout - if there are disclosure or language changes that we've made within the quarter, they are automatically captured within the document and there isn't the risk of forgetting to update the 10-K document for changes you have made in the 10-Q. We have a handful of different sections that we keep for the 10-K or incremental disclosures within the 10-Q, and we toggle those sections as non-printing during the 10-Q. We find that it works well, but the largest drawback is remembering to remove the XBRL tagging for the non-printing sections and re-tagging those tags in the following quarter, as non-printing tags will file with your document otherwise if you don't remove them. Aside from that warning, the process is very similar and we find that the benefits of being current with our narrative for 10-Q changes at the 10-K outweigh the cons of having to retag XBRL.
3Tom Krizanovic Hey Tom, thanks for responding! How did you find the process of initially setting up the document? I think what we are most worried about is arranging it in a way that we can easily hide and unhide sections as needed, but still keep the flow of the document intact. Especially with some notes that we have in both the Q and K, but that have more information in the K that will need to be disclosed. Do you have any tips/tricks for that process?
Also, I believe Wdesk implemented a solution for your largest drawback. Our XBRL rep told us that in addition to marking a section as non-printing, you can also tick off the box "Disable XBRL for this Section" in the section properties panel of your document so that the XBRL for that section won't be submitted with your filing. This allows you to keep all of the tags in that section instead of removing and re-adding as needed. However, this is on Next Gen documents, so if you are not using Next Gen yet, that option may not be available to you.
0Jason Goshert We have migrated to Next Gen - disabling XBRL on nonprinting sections is a welcome feature that we'll be on the look out for post Q3.
Operationally, we add a [10-K] prefix to our nonprinting section names for sections that we set as nonprinting outside of the 10-K. We move these document sections at the bottom of the document after our exhibits, so it doesn't interfere with the flow of the document. We don't necessarily have separate 10-Q and 10-K sections for each footnote, but this is really dependent on what works with your process. For example, we don't have 2 versions of our Accounting Policies footnote, but when we roll from the 10-Q to 10-K, we'll run a blackline outside of workiva (by exporting word documents from our previous 10-K and most recent 10-Q), and manually add back the sections that weren't included in the 10-Q. Hope that helps.
0Hello! I combined our 10-Q and 10-K a while back and we have liked it for the same reasons mentioned above. As for differences in notes between the two filing types, I broke our notes into sub-sections if certain portions were 10-K only and put a similar prefix on those sections before marking them non-printing during the Q. For example, our Pension note looks like this:
-10-Q/K Note 15 Pension (Start)
-10-K Pension (Mid)
-10-Q/K Pension (End)We set the middle portion as non-printing during quarters and bring it back for the 10-K. It's a little daunting to look at, but works well. The different sections flow together as one note when printing to PDF/etc.
2I highly recommend combining the 10-Q and 10-K into one document as discussed above. This is a huge efficiency gain when rolling from Q to K and back to Q, and reduces the complexity of having paragraphs linked between multiple documents. Additionally, as discussed in the comments above, 1) simply check a box to disable the XBLR for sections which are unused in the current filing. and 2) break footnotes into multiple sections when certain portions of footnotes are not presented in the 10-Q but are needed later for the 10-K. GOOD LUCK
1For those who combine 10-Q and 10-K, how do you handle XBRL Disclosure Text Block tagging for the full footnote? Similar to Katelyn Bloom's example above, I have a business combination footnote that I've separated into sections, but you can't drag and apply the XBRL Text block tag across multiple sections. So do you have multiple of the same text block tags and add a dimension? Or just not apply the text block across the entirety of the FN disclosure?
0Dallas Thornton Double check with your XBRL rep, but we had a similar issue a few quarters ago as we separated some of our footnotes into multiple sections. I believe this was remedied by applying the same XBRL block tag to each section individually and then checking off the "Combine if Duplicate" box on the Fact Details tab for each tag.
1Thanks Jason Goshert. you're exactly right. Combine if Duplicate.
0Please sign in to leave a comment.
Comments
8 comments