XBRL US Applauds SEC Adoption of Inline XBRL for Public Company and Mutual Fund Reporting
Summary
This allows the XBRL benefits of tagged data to be incorporated into a single human-readable presentation of a report.The SEC voted during an Open Meeting on June 28, 2018, to transition operating companies to Inline XBRL over the next three years.The SEC approved a phased approach, similar to the initial adoption of XBRL, with large accelerated filers filing in US GAAP adopting Inline XBRL for their first fiscal period on or after June 15, 2019; accelerated filers filing in US GAAP, for their first fiscal period on or after June 15, 2020; and all other filers, for their first fiscal period on or after June 15, 2021.The 15 business day filing period for the risk/return summary for mutual funds will be eliminated.XBRL US has developed taxonomies for U.S. GAAP, credit rating and mutual fund reporting under contract with the U.S. Securities and Exchange Commission and has developed industry-specific taxonomies for corporate actions and surety processing.