LOS ANGELES, CA, June 29, 2018 (GLOBE NEWSWIRE) -- M2 Compliance ("M2"), Yesterday (6/28/18), the SEC voted to adopt rules mandating the use of Inline XBRL (eXtensible Business Reporting Language) for the submission of financial statement information for operating companies. The rulemaking is part of the SEC’s disclosure modernization initiative. Inline XBRL is both human- and machine-readable for purposes of validation, aggregation and analysis. The amendments are expected to reduce preparation time by eliminating duplication, give the preparer “full control” over the presentation, reduce inconsistencies and improve quality, and enhance usability through greater accessibility and transparency. In addition, tools like the open source Inline XBRL Viewer are available for “filers and the public to review and analyze the XBRL data more efficiently.”
The new rules for Inline XBRL will have a three-year phase-in:
- For large accelerated filers that use U.S. GAAP, compliance will be required beginning with fiscal periods ending on or after June 15, 2019.
- For accelerated filers that use U.S. GAAP, compliance will be required beginning with fiscal periods ending on or after June 15, 2020.
- For all other filers, compliance will be required beginning with fiscal periods ending on or after June 15, 2021.
To ease the transition, 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. Early compliance is permitted; however, EDGAR is not expected to be ready to process Inline XBRL until March 2019. M2 clients will not experience much change in their submission/production process and the way that they currently submit files, we will be sending more updates on this as we get closer to the mandated deadlines.
We look forward to being of service as always, and please don't hesitate to let us know if you have any questions.