The shift toiXBRLhas 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.

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:

8-K

10-Q

10-K

20-F

The time to understand what iXBRL means for you is now.