XBRL profiles
Still a little confused about using the xbrl profile method for documents rather than the old method of just assigning a taxonomy to a document. Not sure I understand the benefit of using a profile, other than now we have to.
Part of the confusion also relates to setting up profiles for misc 8k documents....when should you use a new profile and when can you use a previous profile.
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Hi Glen!
Happy to wax poetic a bit on XBRL profiles in next gen. Here goes...
First, we think of profiles as a grouping for tagging data. like facts and dates. This profile allows having multiple groups of facts for the same taxonomy and document, and it helps alleviate XBRL date conflicts that can arise in those instances. We know that some customers have use cases for profiles, while others do not.
Secondly, regarding your question, in theory it is possible to keep reusing the same document and profile combination for every 8-K filing you have, but our best practice would be to create a new document and profile for each filing. For example, if you copy an 8-K document, your XCBRL profile with its facts and dates, will also be copied for you.
I hope this was of some help. Happy to answer any other questions you have, both on the above or anything else. Thanks for contributing and have a most excellent day in the meantime. Best! 🤜🤛
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