Written by wordpress627 on March 25, 2017
A new SEC taxonomy allows foreign private issuers who prepare their financials according to the International Financial Reporting Standards (IFRS) to submit their reports using XBRL. All other foreign private issuers must submit their financial statements in XBRL for fiscal periods ending on or after December 15, 2017.
Investors and analysts can now analyze data from a foreign private issuer’s financial statements through XBRL as do companies that file according to US accounting standards. In 2009, the Commission adopted requirements for structuring certain foreign private issuer financial statements in XBRL once an IFRS taxonomy was specified on the Commission’s website, www.sec.gov.