Financial Accounting Standards Board (FASB) has released the draft version of 2018 Shared Reporting Taxonomy (SRT) which is open for public review and comment.
The quarterly and annual reports of the US Public Companies have a section in their document - Index to Exhibits, which provides a list of exhibit information that needs to be read in conjunction with the report that’s being filed.
The current version upgrade of 17.2, the EDGAR systems will support only two recent versions of the GAAP taxonomy – i.e. 2017 US GAAP and 2016 US GAAP taxonomy. Apart from this, the EDGAR systems no longer support some of the supporting taxonomies such as 2013 COUNTRY taxonomy, 2014 CURRENCY taxonomy and the 2015 EXCH taxonomy.
South Africa has recently announced that all companies that currently submit their Annual Financial Statements (AFS) need to report their financial information in iXBRL (Inline XBRL).
The SEC strongly believes that inline XBRL submissions will improve the data quality and over time, decrease cost of preparation of data. This will also decrease compliance requirement of dual filing of EDGAR HTML and XBRL documents since inline XBRL combines both XBRL and HTML into one single viewable document.