Submitting filings in both XBRL and HTML has been required by the US Securities and Exchange Commission (SEC) since 2007 for large public companies, with smaller companies launching dual filings in 2009. In the early years of XBRL adoption, the SEC attached a lower level of legal liability to these submissions. However, that is changing and the accuracy of XBRL filings is becoming a significant issue as companies will soon be able to merge their HTML and XBRL filings into a single filing using inline XBRL.
Lou Rohman, vice preisdent of XBRL services at Merrill, is a proponent of this technology, which allows users to see the information as it would normally appear in a filing like a 10K or 10Q, while also having access to the metadata behind it.
In an article appearing on July 19 in Compliance Week, Rohman is interviewed about the changes and the advantage of inline XBRL.
"A big advantage of inline XBRL is that the internal reviewer of the financial document can see the traditional information and the XBRL information at the same time. If you can review better, you can improve the quality," says Rohman.
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Merrill Corporation provides technology-enabled platforms for secure content sharing, regulated communications and disclosure services. Clients trust Merrill’s innovative applications and deep subject expertise to successfully navigate the secure sharing of their most sensitive content, perfect and distribute critical financial and regulatory disclosures, and create customized communications across stakeholders. With more than 3,000 people in 34 locations worldwide, clients turn to Merrill when their need to manage complex content intersects with the need to collaborate securely around the globe.