Defining Issues | June 2016
SEC permits public companies to use Inline XBRL
KPMG reports on SEC’s decision to permit embedded XBRL instead of tagging. The SEC permits registrants to voluntarily use Inline XBRL during a trial period, and will then assess usefulness.
Applicability
- SEC filers applying US GAAP
Relevant dates:
- Now until March 2020 – Public companies are allowed to use Inline XBRL in their quarterly and annual HTML filings
Key impacts
- The SEC believes that the Inline XBRL program could decrease filing preparation costs and improve the quality of financial data
- Companies should consider what effect it might have on their financial statement preparation and review processes.
Report contents
- Background
- Usage of Inline XBRL and trial date
- Effect on auditors’ responsibilities
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