The Securities and Exchange mission voted Thursday to allow Inline XBRL as an amendment to its requirements for panies and funds to file their financials in eXtensible Business Reporting Language.

The amendments aim to improve the quality and aessibility of XBRL data.Inline XBRL involves embedding XBRL data directly into the filing so disclosure documents are easier to read by both puters and human beings.The SEC has been pilot testing iXBRL technology after proposing a rule over a year ago to require panies to use the technology in their operating pany financial statement information and mutual fund risk/return summaries (see Inline XBRL gains traction,even without SEC mandate).The SEC began mandating the use of older XBRL technology in 2009.The data-tagging technology is supposed to make financial statements and filings easier for investors and analysts to pare across panies and industries.However,users have plained that the data quality is sometimes poor and the technology is difficult to use.Inline XBRL promises to make the filings more aessible and readable.

The amendments,which will go into effect in phases,require the use of Inline XBRL for financial statement information and risk/return summaries.Inline XBRL has the potential to benefit investors and other market participants while decreasing,over time,the st of preparing information for submission to the mission.The amendments also eliminate the requirements for operating panies and funds to post XBRL data on their webs.

“The amendments are part of the mission’s ntinued efforts to modernize reporting and to improve the aessibility and usefulness of disclosures to investors,including our Main Street investors,”said SEC Chairman Jay Clayton in a statement.“The mission will ntinue to monitor industry practices and market developments in disclosure technologies and ensure our rules adapt with the times.The amendments reflect the mission’s effort to use developments in structured disclosure technology to lower sts borne by filers and investors.”

SEC chairman Jay Clayton expressed ncern at the level of retail investor knowledge about munis

Operating panies that are currently required to submit financial statement information in XBRL will be required,on a phased basis,to transition to Inline XBRL.Large aelerated filers that use U.S.GAAP will be required to ply starting with fiscal periods ending on or after June 15,2019.Aelerated filers that use U.S.GAAP will be required to ply beginning with fiscal periods ending on or after June 15,2020.All other filers will be required to ply beginning with fiscal periods ending on or after June 15,2021.Filers will be required to ply beginning with their first Form 10-Q filed for a fiscal period ending on or after the applicable pliance date.

There is also a phase-in for use of Inline XBRL by funds.Funds that are currently required to submit risk/return summary information in XBRL will be required,on a phased basis,to transition to Inline XBRL.The amendments also eliminate the 15business day filing period for risk/return summary XBRL data,so that the data will be more timely available to the public.Large fund groups (with assets of $1billion or more as of the end of their most recent fiscal year)will be required to ply two years after the effective date of the amendments.All other funds will be required to ply three years after the effective date of the amendments.

The requirement for operating panies and funds to post XBRL data on their webs will be eliminated upon the effective date of the amendments.

“This decision by the SEC undersres their mitment to improving data quality and aessibility,”said Mike Starr,vice president of ernmental and regulatory affairs with Workiva,a provider of XBRL filing technology.“The sooner filers adopt Inline XBRL,the sooner they can begin realizing the many benefits,such as more efficiencies,better aess to ntextual insights,and easier pliance.By getting ahead of the SEC’s implementation timeline,early adopters will be able to remove any doubt around the nsistency of XBRL and HTML disclosures.”

The American Institute of CPAs also praised the SEC’s vote to require use of iXBRL format for the submission of operating pany financial statement information and fund risk/return summary information.“As a longstanding advocate for the application of data standards for the reporting of business information,the AICPA applauds the SEC for adopting this rule.It is further proof of the mission’s intent to advance its technology capabilities to keep up with the evolution of these standards,”said AICPA President and CEO Barry C.Melann in a statement.“The iXBRL specification is used by millions of panies around the world to report their financial information.Based on discussions with panies implementing and using iXBRL,we believe that the use of iXBRL by filers will both enable enhanced capabilities for users of financial information and provide efficiencies for preparers.We wholeheartedly support the ntinuing effort to improve the quality of information disclosed and allow for the information to be llected in the most timely and st effective manner possible,while increasing the utility of XBRL data.As the SEC has observed,‘by facilitating the preparation and review of XBRL data,iXBRL can decrease the overall time and st required by filers to ply with the existing XBRL requirements.’The SEC’s action also furthers U.S.alignment with global efforts,which include the European Securities and Markets Authority’s issuance of a final draft standard requiring the use of iXBRL by issuers in the European Union by 2020.”

Among the potential benefits of Inline XBRL technology cited by the SEC are that financial statement preparers will get more ntrol over the presentation of XBRL disclosures within an HTML filing.iXBRL is expected to rce the likelihood of innsistencies between HTML and XBRL filings and improve the quality of XBRL data.It enhances the usability of structured disclosures for investors through greater aessibility and transparency of the data and enhanced capabilities for data users,who would no longer have to view the XBRL data separately from the text of the documents.

In addition,tools like the open source Inline XBRL Viewer can be used to review and analyze the XBRL data more efficiently.For fund investors,the benefits of Inline XBRL are expected to be enhanced by the more timely availability of risk/return summary XBRL data due to the elimination of the 15business day XBRL filing period.For funds,the amendments also will facilitate efficiencies in the filing process by allowing for ncurrent submission of XBRL data files with some post-effective amendment filings.

 中文新闻：SEC批准将iXBRL用于标记财务数据