As Large Accelerated companies have transitioned to iXBRL and adopted the Fast Act Mandate, focus is now turning to the Accelerated Filers, who will be adopting iXBRL for quarterly periods ending after 6/15/20.
If you are an Accelerated Filer, here’s an online resource for you all about iXBRL and the FAST Act tagging in Workiva. Also, here's an article about hyperlinking your exhibit index and a post about XBRL and your exhibit list.
In addition, on March 12th, the SEC adopted amendments to change the definition of Large Accelerated and Accelerated filers to tailor the types of issuers included in the definitions and reduce unnecessary burden on smaller issuers. These amendments include:
- Excluding filers with $100 million annual revenues in the most recent fiscal year from the definitions of Large Accelerated and Accelerated filers.
- Increase the public float transition threshold when transitioning between filer status.
- A new check box will be added to 10-K, 20-F and 40-F to indicate whether ICFR auditor attestation is included in the filing.
These adjustments are expected to qualify certain Accelerated filers to become classified as Non-Accelerated filers. The final rule will become effective 30 days after it is posted to the Federal Register so once that rule becomes effective and new cover page updates are available, we'll be sure to keep you updated with new information.
And lastly, both the 2020 US-GAAP taxonomy and DQC validation rules set 11 were made available in classic and next gen environments, so you can take advantage of them today. We’ll also be publishing some pre-recorded XBRL Office Hours sessions soon, and hosting a live webinar on the 2020 taxonomy in early to mid June, so be sure to follow to the XBRL Office Hours topic to keep up-to-date on when those announcements go out.
In the meantime, let us know what questions you have. We’re here to help! Should you need any assistance with your tagging, you can reach out to your PSM. If you don't have one, your CSM or Customer Support are also available to assist. And of course, your questions are most welcome in the Community too.
Thanks for your time, and happy tagging!
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