Entities required to file in XBRL format are primarily Insolvent Exempt Private Companies (EPCs). These specific entities are mandated to submit their financial information digitally in this structured data format.
Understanding XBRL Filing Requirements
XBRL (eXtensible Business Reporting Language) is a globally recognized open standard for exchanging business information. It provides a standardized way to tag and categorize financial data, making it machine-readable and easier for regulators, investors, and other stakeholders to analyze.
Specific Entities Mandated to File in XBRL
For certain types of companies, filing financial statements in XBRL format is a regulatory obligation. This requirement ensures transparency and streamlines the reporting process.
The following table summarizes the key entities and their XBRL filing obligations:
| Entity Type | Required XBRL Filing | Additional Requirement |
|---|---|---|
| Insolvent Exempt Private Company | Full set of XBRL financial statements | PDF copy of financial statements |
| Insolvent Exempt Private Company | Financial Statement Highlights (FSH) in XBRL format (as an alternative to the full set) | PDF copy of financial statements |
Details of the Filing Obligation
- Insolvent Exempt Private Companies (EPCs) are specifically required to prepare and submit their financial information using the XBRL format. This applies to companies that meet the criteria of an Exempt Private Company but are currently insolvent.
- They have two primary options for their XBRL submission:
- Full set of XBRL financial statements: This involves converting the complete set of financial statements into the XBRL format.
- Financial Statement Highlights (FSH) in XBRL format: As an alternative, they may choose to file a summarized version of their financial statements, known as Financial Statement Highlights, also in XBRL format.
- Regardless of whether the full set or FSH is filed, a PDF copy of the financial statements must also be submitted alongside the XBRL file. This ensures that a human-readable version is also available for review.
This structured digital reporting helps regulatory bodies efficiently process and review financial data, enhancing corporate governance and data accessibility.
