FAST Act and iXBRL Guidance for Filers
Large Accelerated Filers and Inline XBRL (iXBRL) Filers
Who is affected?
The first phase affects US GAAP Large Accelerated Filers and all early iXBRLTM adopters, regardless of their filing category, with fiscal periods on or after June 15, 2019.
Foreign Private Issuers (FPIs) are required to comply if they are filing under US GAAP based on their filing category.
What forms are included?
Forms impacted are 10-Q, 10-K, 8-K, and 20-F and 40-F as annual reports—this includes amendments, transitional filings, and the 8-K form variants.
When do the cover page requirements take effect?
Domestic filers are required to start iXBRL compliance with Form 10-Q; therefore, Form 8-K will become subject to Cover Page Data filing requirements only after the first Form 10-Q for a fiscal period ending on or after June 15, 2019, is filed.
Overall, compliance dates are as follows: A three-year phase-in beginning with reports for fiscal periods ending on or after the following dates:
- Large accelerated filers—June 15, 2019
- Accelerated filers—June 15, 2020
- All other filers (including IFRS filers)—June 15, 2021
For assistance with Form 8-K Cover Page tagging
- If you have purchased iXBRL Migration services, the Workiva Professional Services team will assist you with tagging the Cover Page of one (1) Form 8-K document as a template. Please reach out to your Customer Success Manager (CSM) or Professional Services Manager (PSM) to discuss this service.
- If you have NOT purchased iXBRL Migration services, you may purchase an iXBRL 8-K Cover Page Template Tagging service and the Workiva Professional Services team will assist you with tagging the Cover Page of one (1) Form 8-K document as a template. Please reach out to the Workiva XBRL Sales team for further information.
For assistance with Forms 10-Q, 10-K, 20-F, or 40-F Cover Page tagging
- If you have purchased iXBRL Migration services, the Workiva Professional Services team will assist you with tagging the Cover Page of one (1) Form listed above for each iXBRL Migration service purchased.
- If you are under a Full Service or XBRL Complete contract and have migrated your document to iXBRL on your own, your PSM will assist you with tagging the remaining items on the Cover Page of your document. Please reach out to your PSM for assistance.
- If you have NOT migrated to iXBRL, please consider purchasing iXBRL Migration Services. Reach out to the Workiva XBRL Sales team for further information.
Taxonomy Update Information
The SEC upgraded to EDGAR Release 19.2 to support the 2019 DEI Taxonomy, which includes a number of new DEI elements required for Cover Page Data. Updated versions of 2018 US-GAAP and 2019 US-GAAP Taxonomies will be created in Wdesk to incorporate the new 2019 DEI Taxonomy.
- If you utilize iXBRL and have purchased a standalone Taxonomy Migration service or are on an existing XBRL Complete service, the Workiva Professional Services team will migrate your upcoming filing to the updated version of US GAAP taxonomy that incorporates the new 2019 DEI Taxonomy.
- If you have not purchased a Taxonomy Migration service and would like assistance from the Workiva Professional Services team, please reach out to the Workiva XBRL Sales team for next steps.
Ready to Help
We understand that these changes will affect other areas of your filing—for example, some formatting changes will be necessary to comply with the new standard.
As always, we're here to help. Please reach out to your CSM with any additional questions. You can also refer to our iXBRL resources on the Success Center, where we will continue to add more information as it becomes available in the coming weeks.
XBRL®, iXBRLTM, Inline XBRLTM, and Extensible Business Reporting LanguageTM are trademarks of XBRL International, Inc. All rights reserved. The XBRLTM/® standards are open and freely licensed by way of the XBRL International License Agreement.