XBRL is an acronym (eXtensible Business Reporting Language). Certain filers are required to submit their financial reports in XBRL format to comply with SEC regulations and US GAAP and IFRS reporting standards. XBRL is like a dictionary of “tags” that is applied to each element in a financial statement.
EDGAR now accepts iXBRL
Inline XBRL is a format that allows filers to embed data directly into a (HTML) document thus navigating and viewing their report filed. iXBRL format has the potential to provide a number of benefits such as improve the quality of structured data, increase the use of this data by investors and other market participants. See short video how an iXBRL filing can be viewed. This brief introduction will highlight how the viewer lets you navigate, review, and search an Inline XBRL report.
When must filers begin filing using Inline XBRL?
Operating Company Financial Statement Information
U.S. GAAP filers have a three-year phase-in to comply with the Inline XBRL requirements 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
IFRS filers will be required to comply with Inline XBRL beginning with fiscal periods ending on or after June 15, 2021.
Domestic form filers, however, will not become subject to the requirement until their first Form 10-Q filed for a fiscal period ending on or after the applicable compliance date, as opposed to the first filing for a fiscal period ending on or after that date.
Fund Risk/Return Summary Information
Funds have a two-year phase-in to comply with the Inline XBRL requirements as follows, beginning with any initial registration statement (or post-effective amendment that is an annual update to an effective registration statement) that becomes effective on or after:
- September 17, 2020 for large fund groups (with assets of $1 billion or more as of the end of the most recent fiscal year)
- September 17, 2021 for small fund groups (with assets of less than $1 billion as of the end of the most recent fiscal year).
Our team can assist your transition to (iXBRL). Get additional information on (iXBRL) here.
This information has been obtained from www.sec.gov and believed to be reliable, but cannot be guaranteed for accuracy. Consult with legal counsel before relying on the information provided.