When the SEC rolled out the XBRL mandate in 2009, it was expected that foreign private issuers who prepared their financial statements using International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board would begin submitting their financial statements in XBRL format in year three of the phase-in period. However, the SEC had yet to specify the IFRS taxonomy on its website so foreign private issuers have not been required to submit their financial statements in XBRL…until now.
On March 1, 2017, the SEC announced that the IFRS Taxonomy is now specified on the Commission’s website. As a result, those issuers who prepare their financial statements using IFRS may immediately begin submitting their financial statements in XBRL format. Fortunately, the SEC is allowing foreign private issuers a grace period to start complying with the interactive data requirement. Issuers may first submit their XBRL with their first annual report on Form 20-F or 40-F for a fiscal period ending on or after December 15, 2017.
View the IFRS Taxonomy on the SEC’s website now.
Learn more about the XBRL Mandate.