The right insights, right now

Access the latest news, analysis and trends impacting your business.

Explore our insights by topic:

About Broadridge


iXBRL Validation and Rendering

Are you ready for the iXBRL filing mandate?

Back in 2018, the Securities and Exchange Commission (SEC) adopted amendments requiring a phased-in approach to implementation of Inline XBRL for Fund, Business Development Company, Closed-End Fund, Variable Annuity, and Variable (Life) Insurance Products’ risk/return summary information. Below, we’ll explain better what that means.

First, the deadlines for implementation are:

  • Large fund groups - September 17, 2020 (two years after the effective date of the amendments).
  • Small fund groups - September 17, 2021 (three years after the effective date of the amendments).
  • Business Development Companies (BDCs) & Closed-End Funds (CEFs) - August 1, 2022.
  • Variable Annuity (VA) & Variable Insurance Products (VIP) - January 1, 2023.

What is Inline XBRL (iXBRL)?

Inline eXtensible Business Reporting Language (iXBRL) is a format that allows filers to embed XBRL data directly into a HyperText Markup Language (HTML) document so that filers need only prepare one iXBRL document rather than generate an HTML document of their risk/return summary information and then tag a copy of the data to create a separate XBRL exhibit. For data users, Inline XBRL provides an easier way to view, access, and explore the contextual information of the underlying data. For Fund-filers, it also eliminates a separate filing, but also the previous 15-day window between update and XBRL filings.

Strategies to Prepare

To prepare for the mandate, we recommend you take the following steps:

  • If using one, determine if your current automated publishing platform is iXBRL-enabled.
  • If utilizing a self-filing tool, determine if that software will be updated to include the iXBRL taxonomy.
  • If utilizing hybrid or full-service provider(s), determine if they will be ready for the deadline(s).
  • Consider an end-to-end service provider to meet your needs from composition and typesetting to HTML conversion, iXBRL tagging, and filing to webhosting, printing, and distribution – managing one vendor streamlines your business processes and saves you money!
  • Build extra time into your process for review and sign-off.
  • Discuss with your provider minimization of last-minute material changes and how to handle other final edits without compromising the new deadlines.
  • Where possible, implement auto-tagging of content.
  • Become familiar with the Arelle open-source iXBRL platform supplied by the SEC.
  • Investigate having a secondary supplier in case you need extra help with the compliance deadline(s) and/or transitional services.

Broadridge is ready to handle your risk/return iXBRL needs, whether you are used to self-filing, traditional typesetting/filing with a service, or are currently using an automated platform.

Please reach out to today to start a conversation.

Contact Us

Welcome back, {firstName lastName}.

Not {firstName}? Clear the form.