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.
For example:
2,000,000
UK
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.
9,000
Japan
As many as 9,000 listed companies and investment funds use iXBRL to submit financial statements to the Japanese Financial Services Agency.
100,000
Denmark
The Danish Business Registrar has collected over 100,000 iXBRL-formatted financial statements for the purposes of registration and market information.
Moving from
documents to data
Moving from
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.
June
2020
ACCELERATED FILERS must comply
starting in
June 2020.
June
2021
ALL OTHER FILERS must comply
starting in
June 2021.
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:
The time to understand what iXBRL means for you is now.
New rule. Same confidence.
ActiveDisclosure℠ gets you ready for the iXBRL shift with no disruption, no added cost — and no confusion.
Explore ActiveDisclosureTake our iXBRL quiz.
See how prepared you are for the SEC’s new reporting requirement. Take our short, interactive quiz.
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