EDGAR System Update: SEC Supports iXBRL for Filing Fee Disclosures

EDGAR System Update: SEC Supports iXBRL for Filing Fee Disclosures

By Prathamesh 6 February, 2024
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The US Securities and Exchange Commission (SEC) has updated the EDGAR system to support the Filing Fee Disclosure (FFD) taxonomy, enabling Inline XBRL tagging for filing fee disclosures. This supports the SEC’s 2021 rule on ‘Filing Fee Disclosure and Payment Methods Modernization’, aimed at enhancing the efficiency of the filing process.

The rule mandates companies to use iXBRL for reporting information necessary for filing-fee calculation. The transition to structured data with iXBRL is expected to automate error detection and fee calculation, reducing manual input and potential errors. This update is part of a gradual process of phasing in these changes.

To find out more details please visit : https://www.sec.gov/