On June 28, 2018, the SEC approved, in a 4 to 1 vote, a final rule transitioning operating companies and funds to Inline XBRL. The SEC also noted that XBRL will continue to be part of disclosure controls and procedures and that there is no change in assurance requirements (XBRL is not subject to assurance). Here are the details in timing for compliance:
Inline XBRL for operating companies
- Operating companies that are currently required to submit financial statement information in XBRL will be required to transition to Inline XBRL on a phased basis:
- 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.
- Phase-in:
- 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.
Website posting requirement elimination
The requirement for operating companies and funds to post XBRL data on their websites will be eliminated upon the effective date of the amendments.
Read the fact sheet.
Read the final rule.
Read Commissioner Piwowar’s comments at the Open Meeting.
