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).

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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.

Inline XBRL facilitates displaying financial information in a human-readable and machine-readable format on EDGAR, helping users to interact with the 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.

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.

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.