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 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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