NEW YORK, June 28, 2018 (GLOBE NEWSWIRE) -- Edgar Agents, the full-service SEC filing agency for public companies, mutual funds and securities law firms, today announces their support of the Securities and Exchange Commission’s new Inline XBRL amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds.
The amendments are intended to improve the data’s usefulness, timeliness, and quality, benefiting investors, other market participants, and other data users. The amendments are also intended to decrease, over time, the cost of preparing the data for submission to the Commission.
The announcement from the SEC follows Edgar Agents’ introduction of X3RL, the Third Generation XBRL & EDGAR Filing Process which is built to process and file Inline XBRL. X3RL bridges the gap between cumbersome “manual spread sheet” and pricey “DIY SaaS” for confident quarterly and periodic SEC compliance.
Click here for a X3RL brochure and demonstration.
Inline XBRL for operating companies
Public companies that are currently required to submit financial statement information in XBRL will be required, on a phased basis, to transition to Inline XBRL.
- Large accelerated filers that use U.S. GAAP will be required to comply beginning with fiscal periods ending on or after June 15, 2019.
- Accelerated filers that use U.S. GAAP will be required to comply beginning with fiscal periods ending on or after June 15, 2020.
- All other filers will be required to comply beginning with fiscal periods ending on or after June 15, 2021.
- Filers will be required to comply beginning with their first Form 10-Q filed for a fiscal period ending on or after the applicable compliance date.
Inline XBRL for funds
Funds that are currently required to submit risk/return summary information in XBRL will be required, on a phased basis, to transition to Inline XBRL. The amendments also eliminate the 15 business day filing period for risk/return summary XBRL data, so that the data will be more timely available to the public.
- Large fund groups (net assets of $1 billion or more as of the end of their most recent fiscal year) will be required to comply two years after the effective date of the amendments.
- All other funds will be required to comply three years after the effective date of the amendments.
“Inline XBRL is another great step from the SEC to help public companies be transparent and streamline their workflow,” said Steve Yakubov, CEO at Edgar Agents. “Edgar Agents looks forward to guiding our clients through the iXBRL and the X3RL process.”
X3RL, the Third Generation XBRL & EDGAR Filing Process
- Real Time Collaboration: Allows multiple users to simultaneously work on a document.
- Smart Editing: Edit, Review and Comment make finalization process with iterative approvals and final sign-offs easier.
- Single Source - Multiple Outputs: Create outputs in multiple formats, including XBRL, iXBRL and PDF, from a single source document.
- Spreadsheet Linking: Update tables and content directly from your spreadsheet into your document.
- Q to Q Roll Forward: Automatic updates from the previous quarter reduces errors and saves time.
- iXBRL Ready: Powered by IRIS, X3RL is iXBRL ready and will provide an iXBRL output at the click of a button
- Audit Check: Allows external auditors access to company reports, to comment and suggest changes.
- No Rush Charges, Guaranteed: Flat Annual Fee includes all Edgar and XBRL filing.
- 24/7 Edgar Agent Client Services.
Please visit Edgar Agents today for more a X3RL demonstration: www.edgaragents.com
Edgar Agents’ solutions are especially tailored for micro-cap to mid-cap corporations, and their investment bankers and securities law firms. To keep up-to-date on Edgar Agents’ continued growth, please follow the company in LinkedIn HERE.
About Edgar Agents, LLC
At Edgar Agents, we manage all of your filing needs. From annual 10-Ks and quarterly 10-Qs to 8-Ks, Registration Statements and Section 16 filings, we will provide you with unparalleled customer service, accurate and prompt turn around, all at an incomparably competitive price.
There are no unexpected bills from us. Edgar Agents prides itself on its transparent billing practices. You will receive an invoice within 24 hours of transmission to the Securities and Exchange Commission (SEC) that clearly states what you are paying for and why.