SEC Adopts Inline XBRL for Tagged Data

On June 28, 2018, the SEC announced they had voted to adopt amendments to eXtensible Business Reporting Language (XBRL) with the implementation of Inline XBRL. Roll out dates begin with Large Accelerated Filers for fiscal periods ending June 15, 2019.

Washington D.C., June 28, 2018—The Securities and Exchange Commission today voted to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds. The amendments are intended to improve the quality and accessibility of XBRL data.

The amendments, which will go into effect in phases, require the use of Inline XBRL for financial statement information and risk/return summaries. Inline XBRL has the potential to benefit investors and other market participants while decreasing, over time, the cost of preparing information for submission to the Commission. The amendments also eliminate the requirements for operating companies and funds to post XBRL data on their websites.

“The amendments are part of the Commission’s continued efforts to modernize reporting and to improve the accessibility and usefulness of disclosures to investors, including our Main Street investors. The Commission will continue to monitor industry practices and market developments in disclosure technologies and ensure our rules adapt with the times,” said Chairman Jay Clayton. “The amendments reflect the Commission’s effort to use developments in structured disclosure technology to lower costs borne by filers and investors. I want to particularly thank Commissioners Stein and Piwowar who, over their tenures and in the interests of investor protection and efficient markets, have worked to ensure that information can be disseminated more quickly and more broadly through many historic and new channels.”

Read the full release here including roll out dates: Press Release

SEC Final Rules: https://www.sec.gov/rules/final/2018/33-10514.pdf

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