Inline XBRL is here
On June 28, 2018, the SEC issued Final Rule No. 33-101514 which requires the use of Inline XBRL (iXBRL).
What is iXBRL?
iXBRL is the next generation of XBRL tagging; it embeds the XBRL tags within the HTML document, resulting in the filing of a single financial report, rather than filing the XBRL data as a separate exhibit.
Compliance is being phased in by filer category, and is required with the first Form 10-Q filed after the applicable date:
- Large accelerated filers: fiscal periods ending after June 15, 2019
- Accelerated filers: fiscal periods ending after June 15, 2020
- All other filers: fiscal periods ending after June 15, 2021
In March 2019, the SEC also issued final amendments that require the use of iXBRL to tag the cover page of Form 8-K.
What does this mean for you?
- Creating iXBRL files is a more complex process than creating legacy XBRL files
- This complexity can be handled behind the scenes with sophisticated software
- We strongly recommend that you do a test run of your iXBRL process now
- Measure the turnaround time
- Compare the final document to iXBRL filings on the SEC's EDGAR website
- Don't forget to ask for an example of an 8-K cover page
Let us be your filer
- We have been filing iXBRL documents since 2016
- Our iXBRL process requires no additional time compared to traditional XBRL
Let us know if you have further questions about iXBRL or any other aspect of your compliance strategy.