Impact of SEC Final Rule on XBRL Tagging Requirements
The SEC final rule on amendments to disclosure requirements has been published in full, allowing our colleagues at XBRL US to assess its impact on XBRL requirements.
In the near-term, the final rule doesn’t require any changes to what is required to be tagged by preparers.
The ruling includes some areas that may result in “Disclosure Location – Financial Statement Considerations”, which means that the content may be moved into or out of the financial statements, with a corresponding change in XBRL reporting requirements.
The areas that potentially could result in a change have been referred to the US accounting standards setter, the FASB. The FASB has 18 months after the final rule has been published in the Federal Register (it has not yet been published there) to determine whether the topic will be added to its agenda of projects for potential standard setting. The FASB will then determine whether or not to respond to these referrals. Bottom line: there doesn’t appear to be any changes as yet.
Read the (lengthy) final rule in full here.
