iXBRL proposals receive high profile backing
The SEC is seeking input on its proposals to switch from XBRL to iXBRL for financial statement filings for companies and mutual funds. The practical impact of this change would include a shift from “dual” filing, in which an HTML financial disclosure is filed as well as a separate XBRL document. Instead a single Inline XBRL document which is both human and machine readable is proposed, simplifying the process and helping avoid ambiguity and errors. This week the proposals met with approval from some influential US lawmakers, including Congressman Darrell Issa. Read the comment letter here.