Who need to file in XBRL?

The Securities and Exchange Commission (SEC) is an independent government agency responsible for regulating the securities industry in the United States. In this capacity, it pursues a three-part mission: to protect investors, to maintain the fairness and safety of securities markets, and to facilitate capital formation.

As mandated by the Commission, all public companies are required to file financials and other reports in XBRL format:

  • companies with worldwide public float greater than $5 billion : starting with the period ending June 2009;
  • all other large accelerated filers : starting with the period ending June 2010;
  • all other public companies comply with the period ending June 2011. 

When must filers begin filing using Inline XBRL?

Operating Company Financial Statement Information

In June 2016, the SEC announced that U.S listed companies can voluntarily file their Quarterly and Annual Reports in Inline XBRL (iXBRL). In June 2018, it was announced that companies would have to officially adopt the iXBRL reporting standard in a phase wise manner. U.S. GAAP filers have a three-year phase-in to comply with the Inline XBRL requirements as follows, beginning with fiscal periods ending on or after:

  • June 15, 2019 for large accelerated filers;
  • June 15, 2020 for accelerated filers;
  • June 15, 2021 for all other filers.

IFRS filers will be required to comply with Inline XBRL beginning with fiscal periods ending on or after June 15, 2021.

Domestic form filers, however, will not become subject to the requirement until their first Form 10-Q filed for a fiscal period ending on or after the applicable compliance date, as opposed to the first filing for a fiscal period ending on or after that date.

Fund Risk/Return Summary Information

Funds have a two-year phase-in to comply with the Inline XBRL requirements as follows, beginning with any initial registration statement (or post-effective amendment that is an annual update to an effective registration statement) that becomes effective on or after:

  • September 17, 2020 for large fund groups (with assets of $1 billion or more as of the end of the most recent fiscal year)
  • September 17, 2021 for small fund groups (with assets of less than $1 billion as of the end of the most recent fiscal year)

Voluntarily filing using Inline XBRL in the EDGAR system

The EDGAR system was modified on March 11, 2019 to accept in Inline XBRL all forms subject to the Inline XBRL requirements.

Operating companies that are not currently subject to the Inline XBRL requirements may voluntarily file in Inline XBRL the forms that will be subject to the Inline XBRL requirements.

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