Governance | Technology |
SEC Orders Reporting via Inline XBRLBy
The U.S. Securities & Exchange Commission (SEC) has established a phased compliance deadline for use of the Inline XBRL (eXtensible Business Reporting Language) format for the submission of operating companies’ financial statement information and investment funds’ risk/return summary information.
Operating companies that are currently required to submit financial statement information in XBRL will be required, on a phased basis, to transition to Inline XBRL:
- Large accelerated filers that use U.S. GAAP will be required to comply with the new rule beginning with fiscal periods ending on or after June 15, 2019.
- Accelerated filers that use U.S. GAAP will be required to comply with the policy beginning with fiscal periods ending on or after June 15, 2020.
- All other filers will be required to comply with the directive beginning with fiscal periods ending on or after June 15, 2021.
The amendments also eliminate the requirements for operating companies and funds to post XBRL data on their websites.
“The SEC decision to move to Inline XBRL reduces the need for companies to file two versions of company financials and simplifies the company’s review process. The singularity of the report generated should increase the quality of the data reported and help investors and data providers by ensuring the XBRL data and financial statements are the same,” said Campbell Pryde, the CEO of XBRL US, in a statement. “All XBRL US member organizations that offer XBRL preparation tools and services will be ready well in advance of the specified timing for the adoption of Inline XBRL.”