A recent order from the Securities and Exchange Commission (“SEC”) permits companies to file financial statements with the SEC in a new format. Companies may now use Inline XBRL, which embeds structured data in the filing. The format uses machine readable tags and designed for better quality data and lower filing costs.
The SEC’s decision is part of its effort to improve the access and transparency of disclosures. The agency is hopeful the new filing capability will increase the use of XBRL data by investors and other market participants and lower errors in financial statements. Companies may use the new format on a voluntary basis through March 2020.
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