SEC adopts, proposes several new rules
 

SEC adopts, proposes several new rules

The U.S. Securities and Exchange Commission voted Thursday to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings.

The amendments to the extensible business reporting language (XBRL) requirements, which will go into effect in phases, require the use of Inline XBRL for operating company financial statement information and mutual fund risk/return summaries. The amendments also eliminate the requirements for companies and funds to post XBRL data on their websites.

Inline XBRL involves embedding XBRL data directly into the filing so that the disclosure document is both human-readable and machine-readable. While the amendments modify existing XBRL requirements, they do not change the categories of filers or scope of disclosures subject to XBRL requirements. Read more on the Journal of Accountancy.