U.S. SEC Filing XBRL-IFRS

Foreign private issuers that prepare their financial statements in accordance with IFRS will be subject to the XBRL reporting requirements beginning with a periodic report on Form 10-Q, Form 20-F or Form 40-F containing financial statements for a fiscal period ending on or after June 15,2011.

Actually the EDGAR system does not support filings submitted using the IFRS Taxonomy. However, we are waiting for the U.S. SEC which will give notice when registrants can start to voluntarily submit filings using the IFRS taxonomy and when EDGAR will accept such filings.

Our recommendation for U.S. SEC XBRL-IFRS filers:

  • Accounting decisions about the application of XBRL-reporting positions should not be outsourced to external service providers.
  • Liabilities exemption provisions will phase out. Therefore filers will be fully responsible for their XBRL files and XBRL-accounting decisions made by external service providers. 
  • Preference are "internal XBRL projects with qualified external XBRL-support"
  • Consultancy independent from software vendors
  • Look for interdisciplinary experts in XBRL technology AND in IFRS
  • XBRL know how transfer in your accounting department and in your IT department

European IFRS filers are subject to tremendous time consuming challenges in their XBRL-IFRS filing projects. This is one result of the workshop of XBRL Switzerland "the XBRL for foreign filers: The What & How of the new SEC rule". You can safe between 50-70% of internal project time if you get qualified support for your internal SEC XBRL-IFRS project.

These are our services for European IFRS-XBRL filers to the U.S. Securities and Exchange Commission.