If you typically file documents in XBRL, you’ve likely heard about the SEC’s recent update to iXBRL. This change was announced by the SEC in June 2018, and it is meant to be phased in gradually for all XBRL filers.
Since that announcement, the third and final phase has come into effect for all filers with periods ending on or after June 15, 2021. This means all XBRL filers will need to be filing in iXBRL going forward, starting with their first quarterly filing.
What is iXBRL?
iXBRL (Inline eXtensible Business Reporting Language) allows for a single document to display data in a format that can be easily understood by both humans and computers. Structured XBRL and HTML tags are embedded into the data to allow computers to assign meaning to the financial statements, while maintaining a level of presentation that is visually appealing.
Previously, XBRL and HTML would be prepared in separate files. Now, both are condensed into one file, so you can review both the XBRL and HTML in a single proof. This new way of displaying the tags makes it easier for preparers to visually identify numbers that have been tagged in the iXBRL viewer. In short, there’s no change to the data being reported — the only change is how it's being reported.
How will this change impact Newsfile clients?
From a client standpoint, the process is unchanged. The only difference is that we recommend the entire document package be sent to us in a finalized state; and that the cover page be sent at the same time as the financial statements.
If your board of auditors needs to review the documents beforehand, we recommend completing that review process before sending the finalized document package to our team for iXBRL tagging.
Our iXBRL team includes accountants who are well-versed in XBRL taxonomy and have extensive experience in handling XBRL data. In addition to being experts in XBRL taxonomy, Newsfile's iXBRL specialists have comprehensive knowledge of accounting codes for mining companies, which puts them at a significant advantage in offering an exceptional client experience.
What do Newsfile's experts say?
“The process from a client perspective is unchanged. Even though this is a new requirement, we still do this without disrupting the process as it's been, and as we've been handling it for the last 10 years.” Kerry Woodrow, Accountant and XBRL Specialist at Newsfile
“The structure of the XBRL is the same. It gives users the ability to just see the filing or the material for ease of reading, but they can also activate this iXBRL viewer and see the underlying XBRL data visually.” Andrew Danneffel, Director and XBRL Specialist at Newsfile
