SEC Issues Rules Outlining Mandatory XBRL Requirement (FPI)
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The US Securities and Exchange Commission (SEC) has issued final rules requiring certain foreign private issuers to provide financial statements in XBRL format. The rules, which were announced in late December, are largely as expected but do contain some helpful clarifications. The final rules only apply to companies that file financial information prepared in accordance with US GAAP or International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Foreign private issuers that file financial statements prepared in accordance with their home country GAAP are not, at this time, required to provide financial information in XBRL.