As of June 15, 2019, large accelerated filers must begin complying with the new inline XBRL regulations. To summarize, Inline XBRL is a format that allows filers to embed XBRL data directly into an HTML document, allowing filers to prepare only one Inline XBRL document rather than generate an HTML document of their financial statement information and then tag a copy of the data to create a separate XBRL exhibit. Filers should be working with their providers and consulting with their external auditors to make sure they are ready for this transition.
Below are the deadlines for all types of filers, beginning with fiscal periods ending on or after:
- June 15, 2019 for large accelerated filers reporting in US-GAAP
- June 15, 2020 for accelerated filers reporting in US-GAAP
- June 15, 2021 for all other filers reporting in US-GAAP or IFRS
While inline XBRL offers efficiencies for filers, it also brings the XBRL data front and center, making errors in XBRL data easier to for regulators and investors to see. It also makes it harder to distinguish between the audited financial data and the non-audited XBRL data. And because the SEC website provides a tool for the pubic to drill down on the quality and compliance of accounting data submitted in inline XBRL by public companies, filers may want to pay close attention to avoid liability and embarrassment. (And don’t forget, auditors are not required to audit or opine on filed inline XBRL data).
That said, the Inline XBRL viewer offered by the SEC can also be used by companies to review their own filings for completeness and accuracy. As a result, processes may change and efficiencies in the filing process may be realized. For additional oversight, our XBRL experts at Richey May specialize in reviewing SEC filings for data quality, security and the related process and controls during the filing process to support gaps in your financial reporting efforts. For more information on how we can assist you with XBRL filing requirements and the perception of risk that may not be addressed by management or your outside auditors, please visit our XBRL Reporting and Compliance Services page, or reach out to Bryan Castrantas.
