US SEC Votes to Mandate Inline XBRL
The US Securities and Exchange Commission yesterday took the next big step in its digitalisation journey. In a 4-1 vote the Commission decided to replace its existing requirements for companies to submit XBRL exhibits alongside their HTML filings of quarterly and annual financial statements with Inline XBRL filings.
In other words, the SEC has shifted from having a dual filing system with human and machine readable filings separately provided to a modern, single Inline XBRL document that will streamline and enhance the disclosure system in that country.
Commissioner Stein summed up the decision this way “The demand for information is enormous, and shifting to the Inline XBRL format makes it clear that the Commission will continue to facilitate the flow of disclosure information in a way that is both efficient and useful. I am pleased to support the adoption of a rule that recognizes and adapts to the rapidly evolving technology in our marketplace. I hope the Commission keeps moving forward on the path of making data more accessible and usable, which ultimately should help make our markets more efficient, while improving capital formation and better protecting investors.” But see also retiring Commissioner Piwowar’s comments, largely about cost/benefit.
At XBRL International we are highly supportive of the SEC’s decision to shift to Inline XBRL. We’d like to congratulate the staff at the Commission who have worked extremely hard over the last year in particular to debate and then develop the new rules.