iXBRL SEC Filings

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.

The annual cost of compliance has declined by more than 45% since 2014 — a trend that is expected to continue with the adoption of iXBRL.

Get higher quality data.

Streamlined reporting promises better quality data and more accurate filings. No need to track and address last-minute changes in separate documents.

A study showed that of 5,856 10-K filings in 2018, roughly 20% contained errors.

Drive increased use by market participants.

Submissions will be easier to read and understand.
Data can be compared and analyzed to make critical decisions.

The SEC has reported that 50% of filers use custom tags in their disclosures — a number that is expected to decline with iXBRL.

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.

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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:

8-K Form icon
10-Q Form icon
10-K Form icon
20-F Form icon
40-F Form icon
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The time to understand what iXBRL means for you is now.

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New rule. Same confidence.

ActiveDisclosure gets you ready for the iXBRL shift with no disruption, no added cost — and no confusion.

Explore ActiveDisclosure
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Take our iXBRL quiz.

See how prepared you are for the SEC’s new reporting requirement. Take our short, interactive quiz.

Take the quiz