What needs to be XBRL tagged?
Effective June 15, 2012, all filings submitted in XBRL formats require block and detail tagging of the financial statements and footnotes. Financial Statements: Each line item and number needs to have its own tag with corresponding context periods and unit precisions, including parenthetical data.
What should be included in a MD&A?
Key Takeaways
- Management discussion and analysis (MD&A) is a section within a company’s annual report or quarterly filing where executives analyze the company’s performance.
- The section can also include a discussion of compliance, risks, and future plans, such as goals and new projects.
Are 10 K filers required to use XBRL?
On March 20, 2019, the SEC adopted rules requiring filers, on a phased-in basis, to tag in Inline XBRL all of the information on the cover pages of Form 10-K, Form 10-Q, Form 8-K, Form 20-F and Form 40-F.
Why is XBRL needed?
It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for eXtensible Business Reporting Language.
What is the regulation that governs the MD&A disclosures?
Item 303 of Regulation S-K sets forth the information registrants need to disclose in their MD&A.
Is MD&A required by IFRS?
Issuers filing financial statements and management’s discussion and analysis (MD&A) for the financial year ending December 31, 2009 are required to provide disclosure on their progress towards IFRS adoption.
Why is XBRL required?
XBRL provides a common, electronic format for business reporting. From 2010-11, MCA implemented filing requirements for various classes of companies to file their financial statements in XBRL format, to improve the quality of statements, enable greater transparency and comparability of data.
Is XBRL a software?
XBRL or eXtensible Business Reporting Language is a software standard that was developed to improve the way in which financial data is communicated, making it easier to compile and share this data. XBRL allows for easy transmission of data between businesses.
What is the difference between Regulation S-K and SX?
Regulation S-K establishes reporting requirements for companies smaller than a certain size whereas Regulation S-X is directed toward companies larger than that size. Regulation S-K establishes reporting requirements for publicly held companies whereas Regulation S-X is directed toward private companies.
Do you have to post XBRL data on your website?
The requirement for operating companies and funds to post XBRL data on their websites will be eliminated upon the effective date of the amendments.
When do you have to comply with inline XBRL?
U.S. GAAP filers have a three-year phase-in to comply with the Inline XBRL requirements as follows, beginning with fiscal periods ending on or after: June 15, 2019 for large accelerated filers. June 15, 2020 for accelerated filers. June 15, 2021 for all other filers.
Why are there amendments to the SEC XBRL?
The amendments are also intended to decrease, over time, the cost of preparing the data for submission to the Commission. While the amendments modify existing XBRL requirements, they do not change the categories of filers or scope of disclosures subject to XBRL requirements.
When did Edgar system change to Inline XBRL?
The EDGAR system was modified on March 11, 2019 to accept in Inline XBRL all forms subject to the Inline XBRL requirements. Operating companies that are not currently subject to the Inline XBRL requirements may voluntarily file in Inline XBRL the forms that will be subject to the Inline XBRL requirements.