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Are You In Line with Inline XBRL and Filing Form 8-K to the SEC?

By Evan Condran, CPA, POPM, Director of Product Management

 

Dated March 20, 2019, the Securities and Exchange Commission adopted amendments to the FAST Act Modernization and Simplification of Regulation S-K as an initiative to reduce cost and burden for registrants while still providing essential disclosure information for investors.

A notable inclusion in the final rule is the expansion of XBRL tagging, a machine-readable language, to SEC Form 8-K. Registrants will be required to XBRL tag all the cover page information to Form 8-K and expand the existing tagging requirements to all cover page information for Form 10-Q, 10-K, 20-F and 40-F, which up until now have only been partially tagged.

Further, the final rule follows the same phase-in as the Inline XBRL requirement which became effective during the 3rd quarter of 2018. The phase-in calls for registrants to file Form 8-K in Inline XBRL format starting with Large Accelerated Filers filing in US GAAP for reports with fiscal periods ending on or after June 15, 2019.

Registrants are required to file an 8-K to the SEC within four business days of a material unscheduled event such as announcing the completion of an acquisition. The Form 8-K is intended to provide investors with timely, accurate, and important information related to the registrant’s business and operations. Until now, registrants would only be required to file an 8-K in HTML format. Providing an 8-K in Inline XBRL format facilitates data analysis by making the data available in machine-readable format that can be consumed and analyzed using various software tools.

For more information on how Certent can ensure compliance for your company, contact our team today.

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