SEC gets XBRL in line07.03.18
The Securities and Exchange Commission has adopted amendments to its eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds.
The amendments, which will go into effect in phases depending on the size of the company or fund between 2019 and 2021, require the use of Inline XBRL for financial statement information and risk/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 the SEC.
Perhaps more importantly, the amendments also eliminate the requirements for operating companies and funds to post XBRL data on their own websites.
Both in terms of transferring the data over and costs associated with the EDGAR process, the SEC’s amendments should save companies and funds significant costs over time.
Issuers would be well advised to make sure their EDGAR service providers are prepared for this change.