LOS ANGELES, June 23, 2016 (GLOBE NEWSWIRE) -- SEC Compliance Incorporated, (www.compliance-sec.com), a leading U.S. Securities and Exchange Commission-Registered filing agent and innovative provider of EDGAR & XBRL filings, announced today the upcoming integration of Inline XBRL (iXBRL) into its Unlimited EDGAR & XBRL Program for the same fixed rate of $4,995 per year.
On June 13, 2016, the U.S. Securities and Exchange Commission launched Inline XBRL (iXBRL), an alternative disclosure for the XBRL Instance Document (tagged items) that can be filed within the primary HTML document as a single filing. Since companies are not required to adopt the new standard until March 2020, filers can use Inline XBRL in one reporting period and then switch back to HTML and XBRL separately in subsequent periods. The EDGAR System has already been updated to accept filings containing Inline XBRL within the submission document. It is expected that during the voluntary period, as industry advancements are made to the preparation and filing of Inline XBRL, rules will be adopted to permanently allow Inline XBRL.
Inline XBRL, or iXBRL, is a new standard that allows a preparer to place XBRL information inside of an HTML document. Using iXBRL means that a document can be viewed in most HTML browsers and looks just like a normal HTML document. However, through browser extensions or other software, the XBRL information contained in the document can also be viewed directly or even exported into normal XBRL.
When using iXBRL, the HTML document replaces the instance file of the XBRL file set. The other files for the XBRL data (such as the calculations, definitions, presentations, schema, and labels) are still separate from the HTML file. To put it simply, the Inline XBRL document is a straight-up replacement for the XBRL instance document.
David McGuire, Founder & CEO of SEC Compliance, stated: “The Inline XBRL changes are a good thing for many reasons and specifically from an EDGAR-iXBRL production standpoint. The ability to incorporate last minute changes into an EDGAR and iXBRL file simultaneously will now be seamless based on our new EDGAR-iXBRL single-source technology. Our firm has already invested heavily into Inline XBRL technology as we predicted this was the next level of XBRL initiatives. It’s important to note that the order permitting the use of Inline XBRL is voluntary through March 2020. We will have time to phase-in clients upcoming. There will be a learning curve involved but the process to convert from the current XBRL process into Inline XBRL (iXBRL) will be seamless and handled by your dedicated account manager at SEC Compliance.
We are recommending that clients wait prior to considering becoming a voluntary filer in order to allow the sec.gov system enough time to adapt to these new changes. As always, we will lead the industry in technology, turnaround times and pricing via our Unlimited EDGAR & XBRL Program. We do not intend to raise rates due to Inline XBRL and as such, the Unlimited EDGAR & XBRL Program will remain at the same annual rate of $4,995, now inclusive of Inline XBRL (iXBRL).”
As a market leader in the Regulatory Compliance industry, SEC Compliance encourages all clients and prospects to contact its client support team at (310) 402-2681 or info@compliance-sec.com to learn more about Inline XBRL (iXBRL). In addition to providing substantial cost reductions, the Unlimited EDGAR & XBRL Package now enables publicly traded companies to seamlessly transition into Inline XBRL, should they decide to do so.
About SEC Compliance
SEC Compliance has distinguished itself as the fastest growing SEC-registered filing agency in the world. With over 15 years of combined industry experience, SEC Compliance is known for providing 24/7 dedicated customer support, efficient document conversion and expedited turnaround times, specifically for XBRL. Today, more than 500 publicly traded companies have joined SEC Compliance and its team of over 100 chartered accountants and CPAs, all of which hold an extensive background in financial reporting and U.S. GAAP. For more information visit: www.compliance-sec.com