XBRL Filing and How It Works: What You Need to Know About the Newest Changes

There is a lot of legal jargon, business forms, legal red tape, and considerations that go into the delicate and essential practice of financial reporting. Thanks to advances in technology – like the newest advancements in Inline eXtensible Business Reporting Language (iXBRL), we can now get this critical work done faster, easier and more efficiently than ever before. With this updated XBRL format, it is possible to take transactions and financial data and directly embed the key XBRL tags into important HTML documents. This allows everything to be displayed in one place and keeps data and important information in a neat, organized, and easy to read place. Now filers can keep all records in one place and submit just one document for all their filings, rather than trying to format and keep track of both the XBRL and HTML documents, thus making the entire process more streamlined and more effective.

How This Changes XBRL Filing

Inline XBRL filing formatting can help cut costs, man hours, and reduce data loss and errors. While it is still being rolled out and implemented in many areas, shortly it will likely become the mandatory way for filing and reporting securities and financial transactions.

The iXBRL format offers several great benefits including:

  • Lowers Costs: Costs will go down as there are less paperwork and fewer manhours needed to manage files
  • Less Prep Work: With just one iXBRL format needed it will be easier to get the data compiled and distributed
  • Higher Quality: Everything will be contained in one neat and easy to read the document

Contact Us to Learn More

If you have questions about this new advancement in XBRL Filing and what it might mean for your business, give us a call today at Colonial Stock Transfers, and we will be happy to assist!

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