Observers have been speculating that the third-party vendors who support the 7,000 to 8,000 smaller tier 3 filers who must start tagging their financial filings into the interactive XBRL format this year, will not be able to handle the strain of tagging data for so many companies. Concern centers over the readiness of service providers to handle the extra demand in 2011, and that many smaller companies will not have the resources to generate their own XBRL Files.
Others contend that this year’s surge in XBRL filing was widely anticipated and planned for with many of the vendors gearing up to do it. In addition, the smaller tier 3 filers have simpler financial statements than those of the larger companies that have filed in the last two years.
Some third party vendors have developed best practice templates based on working with the first wave of 500 large companies. Smaller companies can use these templates as a starting point to create their own detailed footnote filings. It may be a difficult process the first time, but subsequently, it should be an easier, more repetitive procedure.
Where are you on crunch or cool?