The SEC EDGAR and XBRL/iXBRL Mandate
Ever since digital reporting was introduced in the US in 2009, we’ve been helping companies with hassle-free and high-quality filings in EDGAR, XBRL/iXBRL formats to file with the Securities and Exchange Commission (SEC).
SEC EDGAR and XBRL/iXBRL Mandate
A Closer Look
Since 2009, the SEC has increasingly been transitioning reporting by issuers to the digital XBRL standard. Starting with large issuers, the XBRL mandate was extended to all issuers by 2011. The scope of digital reporting has also been expanded over the years.
The SEC, through its Electronic Data Gathering, Analysis and Retrieval (EDGAR) portal, periodically collects financial information from the companies under its purview. Since most data collection formats are static and do not allow users to interact with data, the SEC in 2009 mandated XBRL as the format in which companies submit quarterly and annual financial information.
XBRL was chosen for the convenience the format offers in accessing, analyzing, and comparing financial information by simply facilitating the production of machine-readable information. In 2018, the SEC updated its mandate to replace XBRL with the more advanced Inline XBRL (iXBRL) as the new medium for receiving corporate filings into the EDGAR system.
Interactive Data
Inline XBRL facilitates displaying financial information in a human-readable and machine-readable format on EDGAR, helping users to interact with the data.
Historical Data
EDGAR’s advanced search system allows access to the full text of electronic filings since 2001. That’s over 20 years’ worth of financial information to analyze.
High-quality Data
Data in the iXBRL format is of better quality than data in non-interactive formats. However, companies must make a conscious effort to ensure their iXBRL reports are error-free.
Non-financial Data
A recent SEC proposal for having companies report GHG emissions and sustainability data in their 10-Ks is expected to extend the iXBRL mandate to non-financial information.
Inline XBRL reporting involves tagging the disclosures in companies’ 10-K, 10-Q, 20-F, 40-F, and 8-K forms with appropriate elements from the US GAAP or SEC Reporting Taxonomies. Companies comply with SEC requirements either by using software solutions that help prepare iXBRL reports or by relying on outsourcing service providers.
The SEC recently released a proposal for possibly including climate-risk disclosures in US-based companies’ Forms 10-K and foreign private issuers’ Forms 20-F. Companies will have to look for software and service providers that can accommodate those additional filing requirements at the earliest. IRIS CARBON® is one such solution.
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IRIS CARBON® for SEC Reporting & Compliance
IRIS CARBON® helps US filers comply easily with the SEC iXBRL mandate. Leading organizations use our solution to streamline their iXBRL report creation and submissions. Find out how we can help simplify your SEC reporting and compliance.
What Our Clients Say
We sometimes have announcements that need to be filed with the SEC at short notice. I was looking for a self-filing platform, bundled with expert XBRL support, at an all-inclusive price. IRIS CARBON® ticked off all these boxes.
We sometimes have announcements that need to be filed with the SEC at short notice. I was looking for a self-filing platform, bundled with expert XBRL support, at an all-inclusive price. IRIS CARBON® ticked off all these boxes.
The Carbon platform makes it really easy to prepare and disclose our reports in the way the SEC requires. It is pretty intuitive, similar to most text editing tools.
A great product with excellent customer support. The product supports both self-service mode and hands-off outsourcing mode.
Very intuitive product with an excellent document editor, version management, and compare feature. An excellent transition workshop and an extremely helpful support team helped us transition smoothly from our current processes to the platform!
I want to thank you for all your support in the process of preparing Natura’s XBRL in record time. It was a big challenge, but with your commitment and the whole team to adjust the XBRL in less than a week, we managed to achieve a very important goal for the company.
Unparalleled XBRL Expertise at your Service
IRIS has been into XBRL-based regulatory compliance for over 17 years now. We call ourselves XBRL evangelists and take pride in having contributed to the development of the data format. We have worked with 30+ global regulators and have helped some of them develop the XBRL taxonomies filers need to use.
Apart from the SEC’s iXBRL mandate, we also facilitate XBRL filings with the US FERC. In Europe, we help companies file iXBRL reports under the ESEF mandate; in the UK, we facilitate iXBRL filings with the FCA and HMRC; in South Africa, we have built the CIPC’s iXBRL report collection platform and also provide compliance services to companies.
- Outsourcing & In-house Compliance
- Unlimited XBRL Expert Support
- Scalable Solution for Newer Filing Needs
- Constant Focus on High-quality Filings
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