On March 1, 2017 the SEC posted the IFRS Taxonomy. A full eight years after the start of the XBRL mandate for US GAAP companies, the SEC has finally announced the mandate for IFRS companies to submit XBRL files for 20-F and 40-F filings.
IFRS filers will have to begin submitting XBRL exhibits with fiscal periods ending on or after December 15, 2017.
How does this impact SEC Foreign Private Issuers (FPI) that use IFRS?
SEC Forms 20-F and 40-F (and some 6-Ks*) will require XBRL tags to be applied to each number in the Base Financials, including all of the facts in the Notes to the Financial Statements.
It cannot be denied that this will require some additional work for IFRS companies’ financial reporting teams. However, there is value in IFRS companies beginning to file XBRL structured data and adding their data to the currently existing wealth of structured data that has been submitted to the SEC by US GAAP companies since 2009. XBRL structured data is computer-readable and enhances the value, access, and usability of the financial information that SEC issuers file.
RDG filings is one of the leading providers of full-service XBRL tagging solutions in the country, and we create the highest quality XBRL data available. We have been filing XBRL under the US GAAP taxonomy since the beginning of the mandate, and we are very excited that the IFRS taxonomy is finally going to be made live. As one of the founding members of the XBRL US Center for Data Quality, RDG has the experience and the expertise to provide IFRS companies with excellent customer service and the highest quality XBRL data.
RDG has always made a strong commitment to creating the highest quality, most useable XBRL data possible, and we employ Certified Public Accountants and experienced auditing/accounting professionals to provide personal service to all of our clients. As a result of this commitment, the XBRL data that RDG builds has been ranked by a leading independent expert as being filed error free 99% of the time.
Don’t wait until you are drafting your 20-F or your 40-F to begin preparing for the XBRL tagging process. The template creation and set up process is not insignificant, and it pays to begin the process early. Please contact us to ask any questions and get a realistic and transparent flat-rate quote. Some providers may try to overcharge you for this service, so it is very much worth your while to take a few moments to do your due diligence.
(*Unless an issuer has a Form F-3 shelf registration that it wants to keep current, there is no requirement for quarterly or semiannual financial statements or earnings press releases that are submitted to the SEC on Form 6 K to include the information in XBRL format.)
We will be looking forward to hearing from you. Get in touch with us anytime!