SEC Propose Structured Data for Fee Calculations
On Friday 24 October the US Securities and Exchange Commission (SEC) published a new rule proposal aiming to ensure all required information for fee calculation is in structured format using Inline XBRL.
The proposal would amend fee bearing forms, schedules and statements so that the fee table and explanatory footnotes for the fee table are tagged in Inline XBRL.
The current methods by which filers and SEC staff validate EDGAR filing fee information is highly manual and labour intensive. Fees can be complex and difficult to calculate, creating a burden of correction, and a certain amount of rekeying is required, which is prone to error.
Introducing structured data to fee calculations should make the fee payment validation process more efficient, fast, and accurate. The need to enter duplicate fee information would also be eliminated, reducing the potential for inconsistencies.
These amendments would enhance the efficiency of the fee process and extend structured data to new, useful elements of the financial reporting process.
Comment letters are welcome and due within 60 days of publication in the Federal Register.
Read the proposal here.