MORE GOOD NEWS FROM COLORADO!
February 29, 2012 08:30 ET
Colorado Goldfields Inc. Files First XBRL Quarterly Report; Company Remains Fully Reporting and Compliant With the Securities and Exchange Commission
Gold Stocks
LAKEWOOD, CO--(Marketwire - Feb 29, 2012) - Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA) filed its first "eXtensible Business Reporting Language" report with the Securities and Exchange Commission on January 13, 2012. The filing is commonly known as XBRL and may be accessed through EDGAR by clicking on the "Interactive Data" button next to the regular filing. Specifically for the Form 10-Q filed on January 13th, the data may be found by clicking the blue "Interactive Data" button at the following address:
http://www.sec.gov/Archives/edgar/data/134439...-index.htm
"Complying with the XBRL reporting requirement essentially doubled our costs related to maintaining fully reporting and SEC compliant status," said Stephen Guyer, CFO for Colorado Goldfields. "While larger companies have the luxury of out-sourcing this complex task, we constructed the tagging from over 9,000 defined components. While many other smaller companies simply gave up and dropped their fully reporting status, Colorado Goldfields remains dedicated to maintaining fully reporting status with the SEC," continued Guyer.
XBRL filing requirements began on January 30, 2009 when the U.S. Securities and Exchange Commission (SEC) issued final rules that require companies to provide financial statement information in periodic reports and registration statements in an interactive data format using the eXtensible Business Reporting Language (XBRL). Large companies began this process for filings after June 15, 2009, while smaller companies were phased in over the next two years.
XBRL is intended to eliminate manual data re-entry and make it easier and more cost-effective for analysts, investors, and others to search and analyze financial information across companies, reporting periods, and industries. The SEC envisions investors downloading and analyzing interactive data through off-the-shelf software as well as through custom-developed investment software. While the requirement has a noble ambition, smaller companies such as Colorado Goldfields were faced with an enormous amount of work and additional costs.
Using "taxonomy," a term usually applied to the definition of living species of organisms, companies define their financial information using predefined multi-dimensional "tags." Currently, there are 9,397 possible tags for elements of the Company's financial statements and notes. The total, which includes tags for items ranging from revenue to cash footnotes is up from 8,750 in 2011 and 7,384 in 2009
February 29, 2012 08:30 ET
Colorado Goldfields Inc. Files First XBRL Quarterly Report; Company Remains Fully Reporting and Compliant With the Securities and Exchange Commission
Gold Stocks
LAKEWOOD, CO--(Marketwire - Feb 29, 2012) - Colorado Goldfields Inc. (OTCQB: CGFIA) (PINKSHEETS: CGFIA) filed its first "eXtensible Business Reporting Language" report with the Securities and Exchange Commission on January 13, 2012. The filing is commonly known as XBRL and may be accessed through EDGAR by clicking on the "Interactive Data" button next to the regular filing. Specifically for the Form 10-Q filed on January 13th, the data may be found by clicking the blue "Interactive Data" button at the following address:
http://www.sec.gov/Archives/edgar/data/134439...-index.htm
"Complying with the XBRL reporting requirement essentially doubled our costs related to maintaining fully reporting and SEC compliant status," said Stephen Guyer, CFO for Colorado Goldfields. "While larger companies have the luxury of out-sourcing this complex task, we constructed the tagging from over 9,000 defined components. While many other smaller companies simply gave up and dropped their fully reporting status, Colorado Goldfields remains dedicated to maintaining fully reporting status with the SEC," continued Guyer.
XBRL filing requirements began on January 30, 2009 when the U.S. Securities and Exchange Commission (SEC) issued final rules that require companies to provide financial statement information in periodic reports and registration statements in an interactive data format using the eXtensible Business Reporting Language (XBRL). Large companies began this process for filings after June 15, 2009, while smaller companies were phased in over the next two years.
XBRL is intended to eliminate manual data re-entry and make it easier and more cost-effective for analysts, investors, and others to search and analyze financial information across companies, reporting periods, and industries. The SEC envisions investors downloading and analyzing interactive data through off-the-shelf software as well as through custom-developed investment software. While the requirement has a noble ambition, smaller companies such as Colorado Goldfields were faced with an enormous amount of work and additional costs.
Using "taxonomy," a term usually applied to the definition of living species of organisms, companies define their financial information using predefined multi-dimensional "tags." Currently, there are 9,397 possible tags for elements of the Company's financial statements and notes. The total, which includes tags for items ranging from revenue to cash footnotes is up from 8,750 in 2011 and 7,384 in 2009
