XBRL Updates
Inline XBRL (iXBRL)
The SEC is phasing in the requirement of inline XBRL (iXBRL) for quarterly and annual reports, along with other reports presenting financial information for a specified period.
When are filers expected to begin using Inline XBRL (iXBRL)?
U.S. GAAP filers are given a three-year phase-in period to comply with the Inline XBRL requirements. The schedule is as follows, beginning with fiscal periods ending on or after:
- June 15, 2019 for large accelerated filers
- June 15, 2020 for accelerated filers
- June 15, 2021 for all other filers (including smaller reporting companies)
Domestic Filers - Form 10-K, Form 10-Q, Form 8-K
Domestic form filers will be subjected to the requirement starting with their first Form 10-Q filed for a fiscal period ending on or after the relevant compliance date, rather than the initial filing for a fiscal period ending post that date.
In subsequent times, following your inaugural 10-Q iXBRL filing, all Form 8-K cover pages will require iXBRL tagging.
IFRS Filers - Form 20-F/40-F (Annuals), Form 6-K (Quarterlies)
IFRS filers must adhere to Inline XBRL (iXBRL) requirements starting from fiscal periods ending on or after June 15, 2021.
For additional information, please visit: SEC Inline XBRL.
Extensible Business Reporting Language (XBRL)
XBRL stands for eXtensible Business Reporting Language. It is a global framework for exchanging business information in a computer-readable format. The United States Securities and Exchange Commission (SEC) has adopted XBRL as a standard format to enhance the comparability and accessibility of financial data across companies.
The SEC utilizes XBRL to improve the transparency and efficiency of financial reporting. It is worth noting that XBRL submissions are in addition to the traditional filings and do not replace them. On the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system, companies’ XBRL data can be viewed alongside traditional documents.
To stay updated with XBRL filing requirements, it is advised to regularly check the SEC's official resources or consult with financial reporting experts.
Resources & Further Reading:
For detailed guidance and the latest updates on XBRL and related reporting requirements, the following resources are recommended:
- SEC's XBRL Section
- Interactive Data Rules for Operating Companies - Note: This document provides historical context; always check the SEC site for the most current rules.
Please note: Regulations and guidelines can evolve. It is always essential to refer to the official sources or consult with professionals to ensure compliance with the latest requirements.