Written by edgaragentsdb on July 24, 2018
Last month, the SEC announced the official adoption of online XBRL, generally referred to as iXBRL. iXBRL will streamline some of the earnings choreography issuers dance each quarter. Rather than the current process of filing two separate sets of filing materials – one EDGAR HTML and the other being XBRL / instance documents, iXBRL combines the two.
As you read in our press release, we applaud this action by the SEC.
The mandatory transition for occurs over the next three years:
- Large accelerated filers: June 15, 2019
- Accelerated filers: June 15, 2020
- All other filers: June 15, 2021
One benefit of the new regulation that will become effective 30 days after the publication of the rules in the Federal Register (this summer!), is the elimination of the requirement that an issuer most post downloadable XBRL files and instance documents on their corporate (IR) website. Eliminating this regulation will save “XBRL widget” money for some issuers. It is unknown at this point if the larger IR websites providers are planning on deleting the integrated XBRL posting feature from their total IR website offering.
A subtle detail: companies will need to edit their Form 10-Q and 10-K cover page — deleting any reference to the XBRL availability files on their corporate website. Bass, Berry & Sims PLC made this nice redline example.
Finally, on the topic of iXBRL of streamlining work and saving money, our new 3rd Generation platform, X3RL, is iXBRL ready! Click here to learn more and request a demonstration.