DataTracks Commends SEC's Adoption of Inline XBRL
NEW YORK, July 3, 2018 (Newswire.com) - 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.
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.
Karthik Sathuragiri, President, DataTracks
“The vote in favor of amending the existing requirements is a major step towards better reporting, and more 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.”
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Source: DataTracks