SEC Publishes IFRS Taxonomy, Allowing FPIs to Begin Submitting Financial Statements in XBRL | Practical Law

SEC Publishes IFRS Taxonomy, Allowing FPIs to Begin Submitting Financial Statements in XBRL | Practical Law

The SEC published an IFRS Taxonomy on its website, which will allow foreign private issuers (FPIs) that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) to begin submitting those reports using eXtensible Business Reporting Language (XBRL).

SEC Publishes IFRS Taxonomy, Allowing FPIs to Begin Submitting Financial Statements in XBRL

by Practical Law Corporate & Securities
Published on 02 Mar 2017 • USA (National/Federal)
The SEC published an IFRS Taxonomy on its website, which will allow foreign private issuers (FPIs) that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) to begin submitting those reports using eXtensible Business Reporting Language (XBRL).
On March 1, 2017, the SEC published an IFRS Taxonomy on its website, which will allow foreign private issuers (FPIs) that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) to submit those reports using eXtensible Business Reporting Language (XBRL), effective immediately. Otherwise, these FPIs must begin submitting their financial statements in XBRL for fiscal periods ending on or after December 15, 2017.
XBRL is a computer language that provides information in an interactive data format. Companies use XBRL to tag, or code, each piece of data in their financial statements. Anyone with an XBRL software reader (also called an XBRL interactive viewer) can then use the codes to assemble the financial information in a user-friendly, readable report.
To learn more about XBRL requirements, see Practice Note, XBRL Reporting Requirements and XBRL Obligations and Deadlines: Chart.