A Friendly XBRL Reminder for Foreign FilersOctober 2, 2017 9:29 am
Said Acting SEC Chairman Michael S. Piwowar:
“Foreign private issuers will use the published IFRS Taxonomy for IFRS financial statements, which will enable the public to take advantage of enhanced data analysis of those financial statements, as they already can with financial statements of issuers that prepare their financial statements in accordance with U.S. accounting standards.”
Backing up: XBRL stands for “eXtensible Business Reporting Language.” An XML database that has nomenclature assigned to the numbers in the 20-F or 40-F filing. It’s also a mechanical requirement that’s filed as an additional exhibit at the same time as the 20-F filing.
If you have questions, and many foreign private issuers do, Issuer Direct can help.