The SEC adopted amendments that will require the use of the Inline eXtensible Business Reporting Language ("XBRL") format for (i) operating companies submitting financial statement information and (ii) funds submitting risk/return summary information. In addition, the amendments remove the requirement for filers to post XBRL information on their websites.
According to the SEC, the reporting format changes are intended to "modernize reporting" and "improve the accessibility and usefulness of disclosures to investors." The SEC said that Inline XBRL improves on the existing XBRL format by reducing cost and complexity, cutting down on inconsistencies, giving users more control over presentation, and improving transparency.
The amendments will become effective in phases. Large accelerated filers must comply for fiscal periods ending on or after June 15, 2019, accelerated filers must comply for fiscal periods ending on or after June 15, 2020, and all other filers must comply for fiscal periods ending on or after June 15, 2021.
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