On August 1, 2022, the inline XBRL (iXBRL) requirement for Closed-End Fund (CEF) and Business Development Company (BDC) filings with the Securities and Exchange Commission (SEC) will go into effect. This represents a significant change for these filer types; switching to an entirely new format introduces an array of challenges that filers will now have to take into consideration (although requirements do vary based on the size and type of company). These requirements mean that subject companies will have to go through the same process of generating the HTML documents that they already do, with the addition of having to tag certain information in those documents in iXBRL format. This process can add a considerable amount of time to the filing process, so filers will need to do everything they can to be prepared. That’s why Transform has made the process as easy as possible.
With Transform your company can generate HTML, tag that document in iXBRL format, validate your work, and submit to the SEC all in one place. Our iXBRL tagging tool is fast, efficient, and most importantly, easy to use. We also help you get started with personalized training sessions so that you know what you’re doing right off the bat.
It has only been weeks since the rule took effect and there have already been plenty of questions and concerns regarding the new requirements, so there is sure to be a learning curve as filers get used to the added responsibilities. That’s where having a team of SEC experts with decades of industry knowledge can come in handy as your company makes the transition. iXBRL for CEFs and BDCs is a new process for everyone, so let us take the stress out of your filing process today. Contact us to see how our Transform software platform and team of experts can help you navigate the new rules and regulations your company faces. To read more about the finalized taxonomy for Closed-End Funds see here.