SEC Eyes Extension for Interactive Financial Data Filings from 8,000 Firms
Published Date: 3/27/2025
Notice
Summary
The SEC wants to keep collecting financial info from companies in a special interactive format called XBRL, which makes it easier for investors to understand and use. This affects over 8,000 companies who file reports about their finances, and they spend about 53 hours each time they submit these reports. The SEC is asking for public feedback before extending this rule, with no new costs or big changes planned.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Continued XBRL Filing Requirement
If your company files registration statements or Exchange Act reports, you must continue to submit specified financial information in interactive data format using XBRL under Rule 405 of Regulation S-T and the listed exhibit provisions. The SEC estimates 8,218 respondents will each make an average of 4.5 submissions per year (36,981 total responses) and that each response requires about 53.11111 hours, for a total internal burden of 1,964,102 hours annually.
Easier Investor Access To Financial Data
Financial statement information submitted in interactive data format (XBRL) can be downloaded into spreadsheets and analyzed more easily using common software. The SEC says the purpose is to make financial information easier for investors to analyze and to help issuers automate regulatory filings.
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