The digital transformation of the world continues.
The SEC recently updated its electronic filing requirements for EDGAR, mandating that a host of documents be filed electronically. Previously, the documents could be filed in either electronic or paper form.
In addition, the amended rules will “require the use of Inline XBRL for the filing of the financial statements and accompanying notes to the financial statements required by Form 11-K and make technical updates to Form F-10, Form F-X, and Form CB to remove outdated references,” according to the SEC.
Specifically, Final Action for EDGAR Filer Requirements and Form 144 Filings is expected for October 2022. That means that the "Glossy" Annual Report will need to be filed electronically starting next year.
Also in 2023, Form 144 will become an online form like Forms 3, 4 and 5. This represents a significant change for the approximately 30,000 companies that filed 144s filed via paper or email in 2021.
Starting in 2025, companies will need to XBRL tag Form 11-K financials. The complete list is included in this SEC Fact Sheet.
Companies should use the transition period to prepare to implement the new rule. DFIN can help. Our ActiveDisclosure platform combined with our expert support team enable leading companies to accelerate financial and regulatory reporting.
Read the press release on the new requirements here.