KPMG reports that the SEC recently approved a requirement for public companies to embed XBRL into their financial statements instead of tagging the data in a separate file. The SEC also approved requiring funds to embed XBRL into risk/return summaries.
SEC Press Release No. 2018-117
For large accelerated filers that use US GAAP the phased transition period for fiscal periods ending on or after is June. 15. 2019.
For accelerated filers that use US GAAP the phased transition period for fiscal periods ending on or after is June. 15. 2020.
For all other filers the phased transition period for fiscal periods ending on or after is June. 15. 2021.
Public companies will be required to comply with their first Form 10-Q filed for a fiscal period on or after the applicable compliance date.
For large fund groups (assets of $1 billion or more) the phased transition period for funds for fiscal periods ending is 2 years after the effective date.
For all other fund groups the phased transition period for funds for fiscal periods ending is 3 years after the effective date.
The SEC approved the issuance of rule amendments that will require (1) public companies to use Inline XBRL in their quarterly and annual HTML financial reports, and (2) funds to use Inline XBRL for risk/return summaries.
The approved rule will:
Other information:
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