On June 3, 2022, the Securities and Exchange Commission (SEC) adopted amendments that were proposed in November regarding 11-K’s and Electronic Filings. In our previous blog, we outlined the key points to the proposal, which would help to modernize the filing process.
The two main changes are:
- 11-K Inline XBRL (iXBRL): Both financial statements and notes in 11-K filings, which report information about insider and employee activity involving buying and selling company stock, will be required to be tagged using iXBRL.
- Electronic Filings: Forms under Regulation S-T that are currently allowed to be submitted in paper format will be required to be filed electronically. This includes 6-K’s “glossy” annual reports and notices of exempt solicitation.
Filers will be given a grace period of six months after the effective date to comply with the electronic filing requirements and three years after the effective date to comply with the iXBRL requirements.
Our Transform platform is built to handle these changes and our industry-leading experts are waiting to help you get your filing to the finish line. Contact us today to see a demo and discuss how we can help you with all of your SEC compliance needs.