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SEC proposes requiring inline XBRL, provides IFRS taxonomy

Tammy Whitehouse | March 3, 2017

The Securities and Exchange Commission has taken long-awaited steps to advance the use and accuracy of digital financial statement data, both in moving to a streamlined approach to filing and in bringing foreign entities following international accounting rules into the data stream.

The SEC has proposed requiring all companies to file their financial statements using inline XBRL, eliminating the need for dual filing of the static document and the interactive document that most companies perform today. It also would eliminate the requirement for companies to provide the XBRL document on their websites.

The proposal is meant to ease the filing burden, improve the accuracy of digital data, and ease access for investors, said acting Chairman Michael Piwowar as he and Commissioner Kara Stein agreed to propose the rules for 60-day public comment. The remaining positions on the five-member commission are...

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