SEC Adopts Mandatory XBRL Requirement Subject to Three-Year Phase-In
The United States Securities & Exchange Commission (“SEC”) recently adopted final rules that will require certain non-US companies to provide financial information to the SEC in an interactive data format using eXtensible Business Reporting Language (“XBRL”). Subject to a three-year phase-in, the XBRL data will need to be provided as an exhibit to registration statements and annual reports on Form 20-F (as well as Form 6-Ks that contain updated or revised versions of financial statements that appeared in the annual report on Form 20-F). The XBRL data will supplement, but not replace or change, disclosure using traditional EDGAR electronic filing formats.
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