SEC Takes Further Steps Towards Inline XBRL
On October 11, the US Securities and Exchange Commission (SEC) proposed a significant series of amendments concerning Regulation S-K. One aspect might be of particular interest to readers of this newsletter: the SEC is proposing that all of the cover pages of its forms should be filed as Inline XBRL, with a range of identification information facilitating digital consumption.
The amendments aim to provide a series of improvements that will ultimately modernise and simplify certain disclosure requirements within the Securities Commission’s regulations and other relevant rules and forms. The amendments are intended to improve the readability and navigability of disclosure documents and discourage the repetition and disclosure of immaterial information. Ultimately, these changes provide a very useful way of reducing the costs and burdens on registrants while continuing to provide all the necessary material information to investors.
The SEC’s proposed amendments are here.
SEC Chair, Jay Clayton, made a statement about the proposals here.