SEC update: XBRL for IFRS

The SEC published a taxonomy to enable foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) to tag those reports using XBRL.

Foreign private issuers may begin to immediately submit their financial statements in XBRL. Otherwise all foreign private issuers must submit their financial statements in XBRL for fiscal periods ending on or after December 15, 2017.

This long-awaited update stems from the January 2009 ruling, where the SEC required reporting companies to file financial statements in XBRL and post the filings to their corporate websites. Until now, there was no taxonomy available for foreign private issuers that prepare their financial statements in accordance with IFRS.

While XBRL rules apply to all SEC reporting companies, requirements were delayed for foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) until an XBRL taxonomy became available.

The IFRS Taxonomy is available on the SEC’s website at: https://www.sec.gov/page/derataxonomies.

The SEC also voted to propose the use of Inline XBRL for financial statements and voted to adopt amendments that will require hyperlinking exhibit indexes.

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