Foreign private issuers who file their financial statements following international accounting standards are getting some helpful tips from regulators on how to do so in XBRL.
For companies following International Financial Reporting Standards, the Securities and Exchange Commission has approved an IFRS Taxonomy that will enable those companies to file their financial statements in the interactive XBRL format. While GAAP filers have been using an approved GAAP taxonomy to submit financial data in XBRL for several years, the SEC took several more years before it became satisfied with the IFRS taxonomy in March 2017 such that it would approve it for filer use.
