On March 1, 2017, the long-awaited SEC mandate requiring IFRS filers to submit XBRL was announced. This is a big step for IFRS filers that must now prepare, for the first time, XBRL financial statements in compliance with the SEC's rules.
Below, I've put together a list of Top 10 Things You Need To Do Now as an IFRS SEC Filer. Make sure you're following the right steps to stay compliant by paying particular attention to any items you may have overlooked. And definitely share this with your colleagues.
- Determine which SEC forms require XBRL and when your company must start
- Learn the SEC rules for XBRL creation in the EDGAR Filer Manual
- Gain familiarity with the IFRS Taxonomy
- Understand the 4 levels of tagging for the notes to the financials
- Realize this is different than XBRL tagging that you may already be doing
- Scope out the time and resources needed, providing sufficient time for detailed note tagging
- Determine the best approach by tailoring the process to your company’s style and strengths
- Create a timeline with to-dos from now through the first filing
- Get the heavy lifting out of the way by performing initial mapping well ahead of time
- Engage with XBRL experts – contact Merrill’s unmatched XBRL service team
Download the "Top Ten Things You Need to Do Now as an IFRS Filer" infographic.
If you need help with any of these steps, from creating a timeline to engaging an XBRL expert, contact Merrill to tap into our unmatched XBRL expertise for IFRS companies.
We’ll provide a free consultation to help you learn more and move forward confidently.
Get in touch with one of our experts today!