The Securities and Exchange Commissions (SEC) on 28 June 2018 voted on the adoption of iXBRL (Inline eXtensible Business Reporting Language) for submission of financial statement information and risk/return summaries by companies and funds. The Commission voted in favor of making amendments to the XBRL requirements that already exist for qualifying companies.
The amendments – to obligate public companies and funds to utilize Inline XBRL for all filings that they currently submit in XBRL – were first proposed in March 2017, following an experiment where SEC started allowing voluntary submissions in iXBRL from June 2016. DataTracks commends SEC’s passing of the new iXBRL requirements, which will take effect in phases starting from 2019.
“The vote in favor of amending the existing requirements is a major step towards better reporting, and high quality financial information,” said Karthik Sathuragiri, President, DataTracks. “This will greatly reduce the cost of compliance while improving accuracy of financial statements and making it easier for companies to file required compliance information with the Commission. At DataTracks, we work with over 12,000 enterprises worldwide on their XBRL/iXBRL requirements and we are excited with SEC mandating this for qualifying companies in the United States.”
“This move not only modernizes reporting and improves accessibility of financial information, but also empowers investors and stakeholders to make better decisions, and will ultimately result in improved market efficiency,” added Manish Mishra, VP – US Sales, DataTracks. “For over 8 years, DataTracks has been iXBRL-capable, helping companies comply with regulators around the world, generating accurate, high-quality Inline XBRL documents.”
DataTracks is a global leader in disclosure management and regulatory compliance software and services. Six of the top 10 accounting firms and over 12,000 enterprises across global markets trust us with their data, counting on our deep expertise to help them inform, decide and comply. We enable enterprises across geographies to file reports compliant with the standards of regulators like the SEC (the US), HMRC (the UK), Revenue (Ireland), various EU regulatory authorities, ACRA (Singapore), MCA (India), and CIPC (South Africa). To know why financial accounting firms and enterprises world-over trust DataTracks, please visit www.datatracks.com, www.datatracks.co.uk and www.datatracks.eu.
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DataTracks prepares more than 14,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, Eurofiling compliance reports in Europe, ACRA in Singapore and MCA in India. Honed by our experience of preparing more than 164,000 compliance reports, our solutions and services are designed to assure quality, reliability and ease of use.