What’s New With XBRL?
Last week, The Securities and Exchange Commission (SEC) voted to propose amendments which would require the use of Inline XBRL (iXBRL) for public companies and mutual fund filings. If approved, the proposed iXBRL amendment will replace the use of standard XBRL in digital filings and will require company financial statement information and mutual fund risk/return summaries to be filed in an inline format.
According to the SEC, the Inline XBRL proposal would have the potential to benefit investors and other market participants while decreasing, over time, the cost of preparing information for submission to the SEC. Workiva has been anticipating these developments and has been preparing their Wdesk platform to support iXBRL. As of March 2, 2017, 86 percent of all iXBRL filings with the SEC have been submitted through Wdesk. Workiva supports the SEC's proposal and expects the rule to be approved this year, possibly mandating iXBRL by 2018.
To read the original blog by Mike Rost, click here.
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