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 to 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.