June 6, 2022

XBRL Finally Comes for Form 11-K

Whether we like it or not, XBRL has become a part of our lives when dealing with SEC filings. Since 2009, the SEC has mandated XBRL for the financial statements of most SEC filings. Somehow, up until now, Form 11-K, which is the form used for annual reports of employee stock purchase, savings and similar plans that are filed with the Commission pursuant to Section 15(d) of the Exchange Act, was not subject to structured data reporting requirements. On Friday, the Commission adopted amendments ending that long run of flying under XBRL’s radar. The new requirements will be effective six months after the effective date of the amendments.

– Dave Lynn