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Inline XBRL Formatting
Inline XBRL (iXBRL) is an updated SEC rule to the existing eXtensible Business Reporting Language (XBRL) SEC filing requirement that allows easier machine and human readability of public company’s financial data. iXBRL embeds the data-specific tags of XBRL into soft-copy web versions of reports while maintaining the original format. This allows for easy human readability as well as machine readable XBRL formatting all in one document.
XBRL vs. Inline XBRL
Inline XBRL is an updated version of XBRL formatting. Whereas XBRL is only machine readable, and must be submitted alongside a human readable document, iXBRL embeds XBRL tags directly into a human readable document. This makes the single iXBRL filing both machine and human readable. Click here to view an example of iXBRL formatting.
When will filers be required to use iXBRL?
The phase-in requirements vary based on filer type and accounting standards used.
U.S. GAAP filers will be phased-in through a three year period beginning with fiscal periods on or after:
- June 15, 2019 for large accelerated filers
- June 15, 2020 for accelerated filers
- June 15, 2021 for all other filers
IFRS filers will be required to comply with the iXBRL requirements starting on June 15, 2021.
On June 13, 2016, the Securities and Exchange Commission (SEC) declared a voluntary filing period in which firms are able to file their financial statements to the SEC in iXBRL format. This voluntary filing period ends in March 2020, and will allow the SEC to weigh the advantages of iXBRL filing against the current dual-format filing system (firms currently must submit both HTML and XBRL formatted documents to the SEC for proper viewing and machine processing purposes).
What does iXBRL mean for me?
Submitting financial statements in iXBRL format is expected to be more efficient than traditional filing formats and easier for investors and issuers to analyze data. As a leading filing agent, Colonial Filings Inc. now offers full service iXBRL filings.
The Inline Viewer software is available to the public here, to stimulate the creation of cost-effective services relating to iXBRL.
The latest EDGAR Filer Manual is available here. This manual provides a technical framework in a user-friendly format for working with iXBRL.
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Contact a sales representative to learn more about our iXBRL filing services at 877-285-8605 or by clicking above.