SEC Publishes "Taxonomy" to Require Foreign
Private Issuers to Submit their Financial Statements in XBRL and
Approves Rule Amendments to Ease Access to Exhibits in Public
Filings.
On March 1, 2017, the Securities and Exchange Commission (the
"SEC") published a "taxonomy" requiring foreign
private issuers preparing their financial statements in accordance
with International Financial Reporting Standards (IFRS)
to submit those reports using XBRL. Additionally, the SEC
voted to ease access to exhibits referred to in registration
statements and periodic reports that were originally provided in
previous filings.
Submission of IFRS Financial Statements in XBRL
Originally adopted by the SEC in 2009, the interactive data
format known as eXtensible Business Reporting Language (XBRL)
requires issuers registered with the SEC to include in certain SEC
filings a new exhibit that "tags" the data contained in
financial statements. XBRL is a machine-readable data format
that
