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Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

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Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

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Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
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303-721-6232

Question or comments?  Click here to fill out our inquiry form.

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Technology Solutions

 

Richey May Technology Solutions provides the full spectrum of transformative solutions for your business.

Learn More

Business Advisory

Specializing in Mergers & Acquisitions, management reporting and operational improvements for you business.

Learn More

Contact Us

Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232

Question or comments?  Click here to fill out our inquiry form.

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Richey May Headquarters
9605 S. Kingston Ct. Suite 200
Englewood, CO 80112
Directions
303-721-6232
Business Insights

SEC Final Rule for Inline XBRL

Articles by: Richey May, Sep 25, 2018

On August 8, 2018, Richey May’s XBRL expert Bryan Castrantas moderated a webinar hosted by XBRL US. The purpose of the webinar was to educate attendees on the SEC final rule for Inline XBRL (iXBRL) for operating companies and funds, which will go into effect in 2019.

For those who were unable to attend, below are some of the key takeaways from the discussion:

  • The new Inline XBRL rules for operating companies and funds are intended to reduce filer burden, improve data quality, and increase efficiencies in the filing process.
  • The transition to iXBRL from traditional XBRL is a format change. The content requirements have not changed for funds or operating companies.
  • Existing vendors and software solutions should be able accommodate saving in the new format. Filers are not expected to have to invest in additional training or tools.
  • The benefits of iXBRL go beyond simply making it easier to comply with XBRL requirements. Companies may also develop new processes for things such as an automated disclosure checklist, peer benchmarking, and period to period comparisons.
  • Funds have been given additional time to comply with the requirements largely due to the elimination of the 15-day grace period to submit XBRL, which will more than likely impact existing processes.
  • Filers will be permitted to file in iXBRL prior to their deadline.
  • The SEC has reiterated their 2009 position on auditor involvement. Auditors are not required to audit XBRL data, and companies are not required to involve their auditor.

A transcript and recording of the webinar can be found on the XBRL US website as well.

For additional information on iXBRL, or the services that Richey May provides to XBRL filers, please contact Bryan Castrantas or visit our website.