When should we use a standard XBRL element vs. creating a custom extension?
The EDGAR Filer Manual (EFM) Sections 6.6.23 to 6.6.29 establishes a 5 step hierarchy for choosing the most appropriate element for facts: Consideration hierarchy when deciding between two or more elements in the US GAAP Taxonomy includes: • Period type • Item Type • Documentation string (Definition) • Standard label string (Label) • References Note: The items should be considered in this order per EFM 6.6.29 The SEC strongly recommends companies use standard XBRL elements as much as possible over creating new extensions. The definitions in the XBRL taxonomy were intended to be more general in order to encompass the majority of firms, so their reported line items can be easily compared with the financials of other firms. Within some definitions, an example used may be provided (…Accounts Payable may include items X, Y, & Z.) Examples within a definition are not intended to be literally inclusive or exclusive, but provide some additional guidance to the Reviewer of its general applicabi
