SEC adopted amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds. The amendments are intended to improve the quality and accessibility of XBRL data. The amendments, which will go into effect in phases, require the use of Inline XBRL for financial statement information and risk or return summaries.
Inline XBRL has the potential to benefit investors and other market participants while decreasing, over time, the cost of preparing information for submission to SEC. The amendments also eliminate the requirements for operating companies and funds to post XBRL data on their websites. “The Commission will continue to monitor industry practices and market developments in disclosure technologies and ensure our rules adapt with the times,” said Chairman Jay Clayton. Phase-in requirements for operating companies are as follows:
- Large accelerated filers that use U.S. GAAP will be required to comply beginning with fiscal periods ending on or after June 15, 2019.
- Accelerated filers that use U.S. GAAP will be required to comply beginning with fiscal periods ending on or after June 15, 2020.
- All other filers will be required to comply beginning with fiscal periods ending on or after June 15, 2021.
- Filers will be required to comply beginning with their first Form 10-Q filed for a fiscal period ending on or after the applicable compliance date.
Under the phase-in requirements for funds, large fund groups (net assets of USD 1 billion or more as of the end of their most recent fiscal year) will be required to comply two years after the effective date of the amendments. All other funds will be required to comply three years after the effective date of the amendments.
Keywords: Americas, US, Securities, Reporting, Inline XBRL, Phase-in Requirements, SEC
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