24 Jun 2025
📊SEC's Interactive Data Submission Requirements and Compliance Update
Submission for OMB Review; Comment Request; Extension: Interactive Data
Summary
The Securities and Exchange Commission issued a notice regarding the extension of the Interactive Data collection requirements, mandating issuers to submit specified financial information using eXtensible Business Reporting Language (XBRL). This initiative aims to facilitate better analysis of financial statements by investors, enhancing regulatory efficiency and transparency in financial reporting.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
This notice concerns the requirement for issuers to submit financial data in interactive formats, impacting compliance costs and operational efficiency for businesses. The increased internal burden of 1,964,102 hours across 8,218 respondents indicates significant resource allocation for compliance.