does the SEC require?
At this time, the SEC does
not require financial statements to be filed in
XBRL; however, they have a Voluntary Filing Program
and encourage companies to participate by filing
their annual reports. In January, the ICI released
the draft taxonomies covering the Risk/Return summaries
of mutual fund prospectuses for a 45-day public
review and comment.
On February 6, the SEC released
a proposed rule amendment to expand its voluntary
pilot program to mutual funds. Participant mutual
fund companies will be able to file samples of
the tagged Risk/Return summary of the prospectus,
and have access to flexible filing deadlines. For
more information on this program, please visit http://www.sec.gov/spotlight/xbrl.htm.
On June 20, the SEC ruled to
extend their voluntary reporting program to allow
mutual funds to voluntarily submit supplemental
tagged information contained in the risk/return
summary section of their prospectuses. Mutual funds
choosing to participate in this filing program
must still continue to file their information in
HTML or ASCII format, per current requirements.
The effective date of this change is August 20.
How does Data Communiqué utilize
DocuBuilder is an XML-based
system and fully-compatible with SEC requirements
for the Voluntary Filing Program. When developing
DocuBuilder, we recognized the need to keep source
tagging with the data provided; therefore, we
designed DocuBuilder as a flexible application,
maintaining the integrity of source data throughout
the process. When the Investment Company Institute’s
(ICI) XBRL Working Group finalizes the taxonomy
(mapping of the data tags) for risk and return
summaries, DocuBuilder will be ready to yield
an XBRL compliant file in addition to all of
its other outputs.
For more information, please
contact Chief Technology Officer Rick
Plotka at 201.508.6020.