The Securities and Exchange Commission (SEC) published a rule proposal on November 4, 2021 that, if passed as written, would require financial statements reported on Form 11-K to be prepared using Inline XBRL. Form 11-K is used for annual reports of employee stock purchase plans, savings plans, and similar plans. Financials in Form 11-K include:
- An audited statement of financial condition as of the end of the latest two fiscal years of the plan (or such lesser period as the plan has been in existence); and
- An audited statement of comprehensive income (either in a single continuous financial statement or in two separate but consecutive financial statements; or a statement of net income if there was no other comprehensive income) and changes in plan equity for each of the latest three fiscal years of the plan (or such lesser period as the plan has been in existence.
Comments are due by December 22, 2021 (30 days after publication in the Federal Register on November 22, 2021).
See an example of a Form 11-K.
Read the proposal.
Read the fact sheet.
Read Chair Gensler’s statement.
