Defining Issues | June 2016
 

SEC permits public companies to use Inline XBRL

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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 Release No. 34-78041

  • 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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