Inline XBRL SEC Filings With WdeskAnswered
Inline XBRL (iXBRL) is a technical change made by the SEC that combines the machine-readable XBRL instance document and the human-readable EDGAR HTML document into one iXBRL document. The SEC is encouraging 10-Q, 10-K, 6-K, 8-K, 20-F and 40-F filers to use iXBRL as part of the voluntary program. While the SEC has not announced any plans to make iXBRL mandatory, we expect that will happen at some point in the future.
iXBRL provides several benefits to SEC filers including increased data quality and increased transparency of the XBRL data that is already in your documents thanks to the SEC iXBRL viewer.
iXBRL does not change your legal requirements, what you need to tag, or how you tag in Wdesk. Except for the items listed below, you do everything the same with iXBRL, except that Wdesk will generate a combined iXBRL file as part of the filing process and your filing will be viewed using the SEC iXBRL viewer once it is filed and posted to the SEC website.
Your filing will appear on the SEC website just as it does today with the addition of a link to view it in the SEC iXBRL viewer, which displays your filing with the XBRL tags highlighted
You will not file an XBRL instance document, so your inline filing will contain 6 total files (5 of which are XBRL files). Wdesk will take care of this for you as part of the filing experience
Facts that would normally appear in the DEI section should be tagged on the cover page if they appear there (form type, period end date and company name for example)
In the exhibit index, include the following text in the row referencing the interactive data file: "The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document."
You may have some different XBRL validation messages, which can be reviewed just like they are with traditional XBRL
We’re glad you are considering using Wdesk to file Inline XBRL. Wdesk was the first software solution to offer iXBRL filing support for the SEC and has filed more iXBRL filings to the SEC than any other software solution. Please contact your Customer Success Manager for more information.
Great questions, Alex! Thought I would provide some additional information for you and others as well.
Since the voluntary filer program started for inline XBRL, over 150 companies have filed 500+ iXBRL filings with the SEC, as of June 18th. This works out to an average of 3.45 filings per company. Of those, nearly 70% were filed and prepared using Wdesk. While there have been a few inline filers who have moved back to traditional XBRL, the vast majority stay with inline XBRL.
Based on our experiences thus far, the most common reason that potential iXBRL filers don't file using inline XBRL is due to concerns from upper management and this is mostly due to a lack of understanding of what iXBRL is.
Inline XBRL is primarily a change to the output format, with a few minor changes to tagging. As a result, it should have little impact on data quality, with the added bonus of improved visibility to the tagging and is slightly more restrictive with regards to the actual presentation of tags. In addition, as you point out, another common reason for not adopting iXBRL early is to do with the majority of filers still not using iXBRL. We are actually in progress on producing a short inline XBRL overview video that can be shared with executives who may be hesitant about filing inline XBRL for both reasons mentioned, which will hopefully help persuade them to give it a try.
With regard to the estimated iXBRL SEC mandate being announced, we have not heard anything from the SEC as of yet but do expect that we will hear something from them this year, however, we have no timeline from them on a decision. We still believe that inline XBRL will be mandated at some point, whether on or before their 2020 timeline, but again, we won't know until we hear from the SEC.
Glad to hear you are an iXBRL supporter; it's always great to find another fan! ;)
If you have any further questions for me, let me know.0
As you heard, on June 28, 2018, the SEC voted to adopt amendments related to XBRL that requires operating company financial statement information and mutual fund risk-return summaries to be submitted in the inline XBRL format. The requirement is a phased-in program that will begin for operating companies beginning with large accelerated filers with fiscal periods ending on or after June 15, 2019. Mutual fund phase-in will begin with Large fund groups (net assets of $1 billion or more) two years from the effective date of the amendments. Additional changes in the adoption include eliminating the requirement for XBRL data to be posted on a filerâ€™s website.
We encourage filers to consider early adoption of inline XBRL and working with your CSM for additional information. Let me know if you have any questions in the meantime, and have a great day!0
Indeed, it's all very exciting, at least in the world of financial reporting! Regarding your question, at this time we haven't heard about any other changes to SEC's Interactive Data files, i.e. the traditional XBRL's viewer, but will keep you posted if we do get more information for sure.
As always, let us know if you have any other questions. Thanks, and happy Friday!0
No problem, Naudain. Here's the link: https://event.webcasts.com/viewer/event.jsp?ei=1145429&tp_key=4262109048.
And for reference, here's a link to the slides: https://www.workiva.com/sites/workiva/files/pdfs/thought-leadership/Keeping%20Up%20With%20SEC%20Chan...
Let me know if you have any trouble accessing. Thanks, and have a super day!0
I would like to know whether any clients are opting to forego iXBRL implementation (especially if they have adopted it and subsequently reverted back to conventional XBRL) and what the most commonly stated reasons have been for doing so. Additionally, I would like to know whether Workiva is updating its estimates on when iXBRL will be mandated. There doesn't seem to be any word from the SEC either way, and the current voluntary program runs through 2020. This makes Workiva's informal estimates of a late 2018 effective date seem unlikely. Finally, has iXBRL been risk assessed for its impact on data quality? We migrated on a trial basis and noted that more content had to be moved to non printing sections to resolve errors that weren't errors under conventional XBRL. This means validation errors and warnings on hidden facts and less overall content receiving the intended direct tagging in WDesk (meaning more content receiving workaround phantom tagging).0 For the record, I recommend adopting iXBRL for its other benefits. It has just been difficult to champion to other stakeholders because of those issues and the fact that it's not required and there's no date on when it will be.0
Thanks for the response. You've confirmed what I was afraid of. "Based on our experiences thus far, the most common reason that potential iXBRL filers don't file using inline XBRL is due to concerns from upper management and this is mostly due to a lack of understanding of what iXBRL is."
That is...exactly what's happening. The problem is that we still don't have a compelling case for adopting it. It's a change with no upside that's discernible to the decision makers. And I'd argue that it's because XBRL itself, inline or otherwise, is first and foremost a compliance burden; and few executives have embraced its value proposition. It's difficult to make a compelling case for adopting a new format of something key stakeholders never valued in the first place. If the video accomplishes this, please flood us with copies of it. Better yet, run a pilot for XBRL professionals and allow us to comment on whether or not it addresses the key concerns expressed by our decision makers.0
SEC just published the press release on June 28, 2018 that iXBRL is now required, but phased over 3 years. Will the interactive data go away as well, once we're in the required period?
Last time I had this much change, questions and drills from management on XBRL was the "Dear CFO" letter on calculation assertions. Another exciting time on XBRL!0
The iXBRL webinar on May 31, 2017 "Inline XBRL: What you need to know" has been revived and ready for viewing.0
Sorry for the delay in getting back with you. I assume you are referring to this bullet?
In the exhibit index, include the following text in the row referencing the interactive data file: "The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document."If so, you can find the ruling for this in a few places. First, according to regulation Â§229.601 (Item 601) Exhibits, it's required to disclose the presence of exhibits to electronic filings in an exhibit index. This includes interactive data files, i.e. XBRL exhibits. However, with the move to iXBRL occurring, it does have an impact on the actual exhibits you submit.
Starting at page 105 of the final ruling on iXBRL, they address this by stating...
"When an Interactive Data File issubmitted as provided by Â§232.405(a)(3)(i) of this chapter, the exhibit index must includethe word â€œInlineâ€ within the title description for any eXtensible Business ReportingLanguage (XBRL)-related exhibit."That being said, the sentence provided above in bullet number four addresses the requirement stipulated by the SEC.ï»¿ You don't necessarily have to use that exact wording verbatim, but the word "inline" must be included in your exhibit index when referencing any inline XBRL filings made to the SEC in accordance with that ruling.
Does this answer your question? Let me know if you have any questions for me on the above, or if I've missed the mark entirely. Thanks, and have a great day!0
Please sign in to leave a comment.