The shift to iXBRL has started.
Are you ready?
A new mandate
In 2018, the SEC voted to adopt the Inline eXtensible
Business Reporting Language (iXBRL) for filings.
iXBRL merges machine-readable business reporting data into a human-readable HTML page.
The standard is proven and
widely used around the world.
More than two million companies file using iXBRL each year to HMRC, the U.K. tax authority, and to Companies House, the nation’s business registrar.
As many as 9,000 listed companies and investment funds use iXBRL to submit financial statements to the Japanese Financial Services Agency.
The Danish Business Registrar has collected over 100,000 iXBRL-formatted financial statements for the purposes of registration and market information.
documents to data
The use of iXBRL
delivers multiple benefits.
Lower your preparation costs.
iXBRL represents a move towards greater simplicity. A single iXBRL filing offers the prospect of time and cost savings, enables resources to pursue more value-added initiatives, and more.
iXBRL will deliver a single source of truth for disclosures.
The goal is to achieve greater accuracy, consistency, transparency and comparability in data submitted to the SEC.
The SEC’s compliance deadlines
The final rule requirements will be phased in over three years.
For large accelerated filers that use U.S. GAAP, compliance was required starting with fiscal periods ending on or after June 15, 2019.
ACCELERATED FILERS must comply
ALL OTHER FILERS must comply
The SEC’s recent FAST Act rule requires you to tag data and new
content in iXBRL on the cover pages of the following forms: