SEC Sticks with Digital Financial Confessions for Investors
Published Date: 6/24/2025
Notice
Summary
The SEC is extending a rule that makes companies submit their financial info in a special, easy-to-use digital format called XBRL. This helps investors quickly understand and compare data, while companies keep filing the same info but in a smarter way. Around 8,200 companies will keep spending time on this, with no new costs or deadlines, just smoother data sharing continuing as usual.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Public companies must file XBRL data
Companies that file registration statements under the Securities Act or reports under the Exchange Act must submit specified financial information in interactive data format using XBRL (per Rule 405 of Regulation S-T and Item 601(b)(101)). The information is mandatory, publicly available on EDGAR, and the SEC estimates 8,218 respondents will file an average of 4.5 responses per year (36,981 responses), at about 53.11111 hours per response for a total of 1,964,102 hours annually.
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