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.
SEC this march proposed the use of inline XBRLformat for SEC submissions which was introduced voluntarily last year.The number of companies that have adopted Inline XBRL has quadrupled in a year. This clearly shows inline XBRL is easing out the lives of the preparers.
How to transform from a Tactical CFO to a Strategic Business Leader? The answer lies in the use of technology. Read here to know how adoption of these technologies can free up slices of time before you know it.