On November 4, 2021, the Securities and Exchange Commission (SEC) proposed an amendment that would require Form 11-K to be filed in a structured data format, and several other forms to be filed electronically. These changes would be another step in the SEC’s mission to modernize filings and make the data more accessible to investors.
Form 11-K is an annual form filed by publicly-traded companies and reports information about insider and employee activity that involves buying or selling company stock. It includes two fiscal years of financial statements and accompanying notes and is filed annually alongside a company’s 10-K. The proposed changes would require filers to tag these financials using Inline eXtensible Business Reporting Language (iXBRL).
Forms that are currently permitted to be submitted in paper format under Regulation S-T would now be required to be filed electronically under this new proposal. This includes Form 6-K, “glossy” annual reports, and notices of exempt solicitation. This change would replace the previous guidance by the SEC allowing filers to post their “glossy” reports on their corporate website in lieu of filing a paper copy.
Under the amendment, there would be a six month transition period from the effective date to compliance date, and filers of Form 11-K would be given a three year transition period before they would be required to file in iXBRL.
Are you ready for the transition to electronic filings? Our team is knowledgeable, experienced, and ready to assist you with your SEC and iXBRL filings. Contact us today for assistance.